Through Settle, Auka takes care of every step of the process, except the distribution. The developed mobile payments technology rolled out in the Nordic countries will be brought to Europe through the Settle app. Moreover, the financial services platform runs exclusively in the cloud.
Auka’s scheme is structured in a way where the company owns and runs the technology and has all the necessary licenses to operate it. Thus, a Single Purpose Vehicle (SPV) is set up in every country to ensure the day-to-day operations of the scheme.
Settle partners have the duty of onboarding consumers and merchants to the scheme, and all participants – Auka, SPV, and the Settle partners (issuers and acquirers) – share the revenue generated from transactions. Auka is currently looking for partners in each EU market.
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