Norwegian banking group Eika Group has invested in FinTech EedenBull to help its banks with new and innovative payment solutions to serve customers, according to a release.
EedenBull’s new service and platform will help companies of all sizes with employee purchases made on behalf of the company.
Eika is specifically investing in EedenBull because it specializes in a wide range of card payment solutions, which include corporate cards for businesses. EedenBull was also an attractive investment option because of its proprietary new platform that focuses on corporate expenses and card spending, both benefits that Eika believes will help its cadre of banks in the Nordic region.
The investment will help Eika get a leg up in the area of card and payment solutions, and will give its banks access to EedenBull’s existing portfolio of work, as well as any potential future solutions.
EedenBull was created last year by a group of payments experts from around the globe, and was immediately recognized as a strong partner for European banks. The FinTech is in the process of introducing its payments and spend management programs in over 65 banks all around the Nordic region.
“To us, it is important to create partnerships with players who possess [specialized] expertise in their areas, as the collaboration with EedenBull is an example of,” said CEO Terje Gromholt of Eika Kredittbank. “This investment is strategically important to the Eika Group and our member banks for us to strengthen and secure our ability to compete effectively in the complex world of payments going forward.”
Since EedenBull's program was launched less than eight weeks ago, it has added more than 9,000 businesses, with a new customer joining every four minutes.
“In addition to payment cards, the solution also includes a web-based management module for the company administrator and a mobile app for the employee,” the release said. “Integration with accounting systems, simplification of VAT refunds and payment by card – also [in cases] where the supplier does not accept cards, [the] digitization of receipts and ensuring that employees only buy the right products and services from the right suppliers – are also included in the solution, [which] EedenBull has named Q Business and [has] made available to select banks and customers.”
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