Norwegian banking group Eika invests in EedenBull
EedenBull, a payment and spend management solutions company, has announced that Norway’s The Eika Group has made an investment in it that will allow Eika’s member banks to have access to its existing and future solutions.
EedenBull was founded in 2018 by a team of payments professionals from around the world. The new partnership will enable it to launch its payments and spend management programme through more than 65 banks in the Nordic region. The platform was launched less than eight weeks ago, and the tech provider says that it has onboarded more than 9,000 businesses in that time.
The service and platform from EedenBull provides businesses and not-for-profit organisations with 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 employees, and can be integrated with accounting systems. The solution digitises receipts and allows management to set spending controls that ensure employees only buy the correct products and services from approved suppliers.
“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” commented Terje Gromholt, CEO of Eika Kredittbank.