Auka launches Settle for cross-European payments
Auka is launching Settle, a new European mobile payments app built on Auka’s mobile payments platform. Through Settle, Auka takes care of everything, except the distribution.
Auka claims to be the first to develop mobile payments technology in the Nordics, and the first in the world to build a fully regulated financial services platform to run 100% in the cloud.
Now the firm says it’s bringing the services in the Nordics to the rest of the world, through Settle app.
The Settle scheme is structured in a way where Auka owns and runs the technology and has all the necessary licenses to operate the mobile payment scheme.
A Single Purpose Vehicle (SPV) is set up in every country to ensure the day-to-day operations of the scheme, as well as creating brand awareness around Settle domestically. Settle partners, on the other hand, are responsible for onboarding consumers and merchants to the scheme.
All participants in the scheme, Auka, SPV and the Settle partners (issuers and acquirers), share the revenue generated from transactions.
Auka is looking for partners in each EU market.