What happened: Porsche is apparently moving its co-branded credit card portfolio from the German digital bank DKB to the Scandinavian duo Nordiska Bank and Enfuce (Manager Magazin). According to the article, the switch to the new providers is planned for autumn 2025.
My comment: Co-branded credit cards are not pure Embedded Finance. However, for some major brands, such as Porsche, it marks the first step into offering financial services. In this reporting, I am more interested in the infrastructure players behind the solution than the frontend, which doesn’t happen too often. For many fintech professionals, Enfuce is likely a familiar name. The Finnish issuer processor has been relatively active in Fintech, working with a few tier 2 banks and also supporting card programs from Pleo and Swile.
The Porsche Cards are credit cards, which brings our attention to Nordiska Bank, the enabler of the “credit” part. The Swedish bank has a strong focus on Embedded Finance, but it initially focused more on its savings and lending offering. Perhaps some of you are familiar with Nordiska from the savings marketplace Raisin (previously known in Germany as Weltsparen), where the bank has built up its deposits. The partnership with Enfuce and Porsche may indicate that Nordiska is expanding its presence in the card space. There are not many providers that cater to B2C use-cases and can offer actual credit cards; thus, it’s great to see Nordiska pushing into this space.
