Enfuce and Orka Ventures launch consumer lending product in Europe
Nordic-Czech fintech holding company Orka Ventures has partnered with card issuer and processor Enfuce to launch Orka Card, a new consumer lending card and mobile app.
Orka Ventures and Enfuce partner to launch new offering
Orka Ventures, which has previously focused on providing web-based consumer loans, will leverage Enfuce’s processing and compliance capabilities to roll the new product out across European markets.
The firms say Orka Card will enable customers to integrate all their existing bank accounts into one card and app. It will also incorporate Orka Ventures’ “pay now, finance later” programme, allowing customers to refinance a transaction that originally took place on another debit or credit card.
Through the partnership, the two firms will launch Orka Card in Finland, Sweden and Norway, with plans to rename its separate brands and offer products under the Orka Card brand name across Europe to over 500,000 customers.
Ondřej Šmakal, CEO of Orka Ventures, says the firm chose to partner with Enfuce for its technical expertise.
“It was also important to us to choose a partner that is willing to support the expansion of Orka Card into the Nordic markets as well as to work with us in Iceland – this is not common as it’s a small country with complicated regulations,” he adds.
With the new product, Šmakal says the company wanted to offer services to its customers that “they will probably not be offered by the legacy banks”.
He adds Orka Ventures’ aim is to “bring fair, convenient and sustainable consumer lending to customers who are often excluded from lending or loan opportunities”.
Orka Ventures is headquartered in Prague and provides consumer loans and other financial services in the Nordics and central Europe.
Founded in 2016, Enfuce provides debit, credit and prepaid card solutions across Europe. With offices in Finland, Germany, Latvia, Sweden and the UK, it claims to have over 35 partners.
