Enfuce, SEB Embedded, and Humla Launch Co-Branded Grocery Payment Card for Hemköp

Cloud-based payments processor Enfuce has partnered with SEB Embedded and Humla to launch the Hemkop Matkonto card in Sweden, a co-branded grocery payment solution that combines everyday shopping with advanced digital payment tools.

The card, designed for Hemkop supermarket customers, is issued through SEB Embedded's Banking-as-a-Service infrastructure running on Thought Machine's Vault Core platform. Enfuce provides the payment processing and card issuance technology, while Humla manages the loyalty and consumer engagement layer.

The Hemkop Matkonto card represents one of the first tangible products to emerge from SEB Embedded's BaaS platform, which went live on Thought Machine earlier in 2024. The card enables Hemkop to offer its customers a branded financial product that integrates seamlessly with the supermarket's loyalty programme and shopping experience.

The multi-party collaboration illustrates the emerging BaaS ecosystem model, where licensed banks, technology providers, and brand partners each contribute a distinct capability to deliver embedded financial products. SEB provides the banking licence and regulatory framework, Thought Machine provides the core banking platform, Enfuce provides payment processing, and Humla manages the consumer-facing product design.

Embedded finance in retail has been gaining momentum across Europe, with supermarkets, retailers, and consumer brands exploring branded financial products as a way to deepen customer loyalty and generate additional revenue streams. The Hemkop launch demonstrates that BaaS infrastructure has matured to the point where complex, multi-party financial products can be brought to market relatively quickly.