OKQ8 Bank Signs 3-Year Agreement with Sileon to Implement Flexible BNPL Solution on Their Cards
OKQ8 Bank has signed a 3-year agreement with Sileon to launch a flexible Buy Now Pay Later (BNPL) solution on their cards. Through this strategic partnership, OKQ8 Bank becomes the first bank i the Nordics to offer flexible BNPL from Sileon for their card customers.
"As the first bank in the Nordics to introduce BNPL on cards via Sileon's platform, we are taking an important step forward. Flexible BNPL for cards is the future and a necessary step for us to stay strong in the market. With this initiative, we will offer our card customers a whole new level of payment flexibility," says Johan Emerius, Chief Commercial Officer at OKQ8 Bank.
Sileon's BNPL functionality will enable OKQ8 Bank's customers to convert already completed purchases into instalments, regardless of whether the purchase is made at OKQ8 or elsewhere.
"Our open partner approach, means Visa members can access best-in-class innovation like BNPL capabilities from Sileon. We believe that by adding BNPL on their cards, OKQ8 gains a competitive advantage on the Nordic market” says Philip Konopik, Visa Regional Managing Director for the Nordics and Baltics.
The solution will initially be available to OKQ8 Bank's B2C credit card customers in Sweden before expanding to other customer segments in Sweden and Denmark.
"We are extremely proud that OKQ8 Bank has chosen Sileon as their strategic partner to launch BNPL on their issued cards. Additional credit options on existing cards are now also coming to the Nordics, and I am convinced that this will give OKQ8 a valuable competitive edge. With Sileon's technology, OKQ8 can now become an industry leader in card offerings and customer loyalty," says Kent Hansson, CEO at Sileon.
For more information, please contact:
Kent Hansson, CEO, Sileon AB Email: kent.hansson@sileon.com
About OKQ8 Bank
OKQ8 Bank is a Swedish bank and a wholly-owned subsidiary of OKQ8, a leading player in fuel and vehicle-related services. The bank offers a wide range of financial products and services, primarily aimed at OKQ8 customers.
About Sileon
Sileon AB (publ) is a global fintech company that offers an innovative card-based Buy Now Pay Later (BNPL) SaaS functionality to banks, card issuers and fintechs. With Sileon’s BNPL product, customers can add BNPL to their existing credit or debit card base and run their B2B or B2C BNPL business in-house. Sileon operates in a fast-growing international market with an estimated transaction volume of $680 billion globally by 2025. Sileon is listed on the Nasdaq First North Growth Market and has its headquarters in Stockholm, Sweden. The Company’s Certified Adviser is Carnegie Investment Bank AB (publ).