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April 26, 2021

Fellow Finance expands into card payments with cashback credit card

By Douglas Blakey

Nordics P2P lending provider is expanding into card payments through a tailored Card as a Service offering. Specifically, Fellow Finance has selected Enfuce as its card issuing provider.

Fellow Finance believes that mobile payments’ growth will accelerate in the future supporting the company’s growth in consumer financing. Enfuce’s payment and compliance team are now completing the work necessary to issue Visa branded credit cards. In addition, Enfuce will deal with essential steps such as BIN sponsorship and card scheme integration.

The virtual cards enable Fellow Finance customers to pay online and in-store using Apple Pay and Google Pay digital wallets. Relevant card data will be available in the Fellow Finance App. A branded physical card will also be offered. To further boost customer experience and loyalty, Fellow Finance plans to add what it terms an innovative cashback feature.

Juho Putkonen, Development Manager at Fellow Finance says: “We at Fellow Finance have had two main objectives regarding the credit card product. Create the best possible customer onboarding experience for the actual card and its mobile wallet. And secondly to create a truly rewarding reward programme for our customers.”

Fellow Finance credit card to launch in Finland

Denise Johansson, Co-Founder, Enfuce adds: “Fellow Finance is a pioneer in terms of creating customer value. So, it’s exciting to support them on their journey to launch game-changing payment services. We look forward to growing together, and offering Fellow Finance customers seamless and enjoyable payments.”

Fellow Finance will launch its cards during this year, initially targeting customers in Finland. By integrating with Enfuce’s cloud-based infrastructure, card payments will be processed seamlessly regardless of geography or currency. This allows Fellow Finance to focus on its core lending business – and expansion in Europe.

Fellow Finance: €700m in crowdfunded loans since formation

Enfuce will also support Fellow Finance with everyday card operations. This includes risk and fraud monitoring, second-line support as well as card feature improvements through Enfuce’s API. Fellow Finance says that the end result is a flexible and future-proof card offering that matches its growth ambitions.

Fellow Finance was founded in 2013 and through its automated platform is present in six different geographical markets. The company has facilitated over €700m in crowdfunded loans between individuals, or between individuals and businesses.

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