The Eika Group buys into the FinTech company EedenBull – a forward looking provider of new, innovative payment solutions.
New technologies, new regulations and new suppliers are forever changing the way individuals and businesses think about payment. With this investment, Eika secures a strategic position in one of the most exciting areas of digital and user-friendly card and payment solutions. The agreement gives Eika’s member banks access to EedenBull’s existing and future solutions and thereby increased competitiveness in the payments market..
EedenBull was founded in 2018 by a team of payments experts from around the world. The company has already been recognized as a very attractive partner for banks in Europe and beyond and is now launching its new and innovative payments and spend management programme through more than 65 banks in the Nordic region. EedenBull has since launching the platform less than 8 weeks ago onboarded more than 9,000 businesses and are onboarding a new customer every 4 minutes.
The new service and platform from EedenBull provides businesses and not-for-profit organizations of all sizes with simplicity and control of all purchases employees are making on behalf of the company. 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. Integration with accounting systems, simplification of VAT refunds, and payment by card also where the supplier does not accept cards, digitization of receipts and ensuring that employees only buy the right products and services from the right suppliers are also included in the solution EedenBull has named Q Business and made available to select banks and customers.
EedenBull has a license as an e-money institution (EMI) under EU legislation. With a design & innovation team in Singapore, systems development and operations in Edinburgh as well as sales and administration in Oslo, the company is well positioned for international expansion and growth. The company is already in dialogue with some further 20 banks in the Nordic countries as well as banks in the UK, the Netherlands, Singapore, New Zealand and Australia.
Says CEO Terje Gromholt of Eika Kredittbank – ‘To us, it is important to create partnerships with players who possess specialist expertise in their areas, as the collaboration with EedenBull is an example of. 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.’
‘The investment made by Eika and the partnership that follows is a testament to our ability to provide significant value to banks and their customers through combining our expertise and experience with payments with access to and utilization of new technologies. We are excited about the opportunity we have to not only embrace change in the way consumers and businesses think about payments, but continue to take a leading role in setting the agenda and driving change’ – EedenBull CEO Nicki Bisgaard said in a comment.
Established in 2018, EedenBull aims to provide new, exciting payment and spend management solutions that makes life simpler and more transparent for individuals and businesses. The company delivers its solutions through banks and other partners that will strengthen their competitiveness in an increasingly challenging market. With offices in Singapore, Oslo and Edinburgh, EedenBull has aggressive international growth projections.
About the Eika Banking Group
The Eika Group is owned by the more than 60 member banks and forms the financial group of the Eika Alliance. The Eika Group’s foremost vision is to strengthen the member bank. The company provides secure and user-friendly services, especially tailored to customer needs. The business includes banking, insurance, savings, pension, financing, cards and real estate. The Eika Alliance is one of the largest players in the Norwegian financial market and a major player for sustainable value creation in local communities across the country. The alliance has one million customers, over 3,000 employees, 200 local bank offices and a total assets of more than 440 billion. www.eika.no