Fellow Finance to launch cashback credit card
Nordic peer-to-peer lender Fellow Finance has expanded into payments.
The platform is working with payments company Enfuce to develop a Fellow Finance-branded Visa card that can be used on mobile and physically.
The virtual card will enable Fellow Finance customers to pay online and in-store using Apple Pay and Google Pay digital wallets, with relevant card data available in the Fellow Finance app.
A branded physical card will also be offered to those interested.
Read more: Fellow Finance warns of lower profits
The cards will initially be available in Finland and will include a cashback feature.
“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 to create a truly rewarding reward program for our customers,”Juho Putkonen, development manager at Fellow Finance, said.
Cards are becoming a popular product area for alternative lenders.
P2P lender Elfin Market is also developing its own credit card and European alternative investments marketplace Mintos has also said it is interested in offering debit cards.
Zopa Bank has also launched its own credit card.