Finnish issuer processing company Enfuce raises €8.5M
Espoo-based Enfuce has announced €8.5 million follow-on investment round led by Vitruvian Partners, with participation from Visa and Maki.vc. The company will use it for continued growth in the enterprise sector, European expansion, and strengthening its collaboration with Visa.
Founded in 2016 by Monika Liikamaa and Denise Johansson, Enfuce develops solution, handling licensing, financing, compliance, and fraud management, thus delivering an end-to-end management of card programs. Today, Enfuce processes nearly €2 billion in transactions annually. Enfuce claims to have become a key strategic partner for transforming payment flows and driving business growth.
It allows fintechs, banks, and non-financial brands worldwide to offer cards, digital wallets, and embedded finance solutions in a secure and streamlined manner. Among Enfuce’s users are Pleo, OKQ8, and Memo Bank. In addition, Enfuce has an Electronic Money Institution (EMI) licence from the Finnish FSA, enabling operations across Europe.
“Since our inception, we have been committed to rapidly scaling up to ensure the widespread deployment of our modular, scalable and advanced payment solutions that significantly simplify our customers’ lives. With Visa’s investment, we will continue to bring our bold vision of shaping the future of embedded finance to life”Monika Liikamaa, co-founder & co-CEO at Enfuce, commented.
Investment details and plans for the future
The fresh investment follows Enfuce’s €45 million Series C funding round in December 2021. Since launching, Enfuce has raised of €62 million in total.
Enfuce aims to fuel its next growth phase, focusing on winning in the enterprise segment. In 2024, the company plans to expand into key European markets, including Benelux, Germany, and France.
Global Vitruvian Partners, that supports rapid international expansion through acquisition, organic growth, and partnerships led this round, with participation from Finland’s Maki.vc and Visa, a world leader in digital payments.