Enfuce is eyeing its next stage of growth, particularly its presence across some of Europe’s biggest financial markets, after securing financial backing in an investment round.
The Finland-based issuer has gained an extra €8.5m in a funding round led by Vitruvian Partners, with Visa and Maki.vc also participating. The company hopes to use this to propel its 2024 growth strategy, eyeing up launches in Belgium, France and Germany.
Enfuce’s offering revolves around providing fintechs, banks, and non-financial brands with the ability to provide cards, digital wallets, and embedded finance solutions in a seamless way.
Monika Liikamaa, Co-Founder & Co-CEO at Enfuce, said: “Visa’s trust isn’t just a validation of our business, it’s a testament to our significant growth during challenging economic times.
“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.”
The funding is Enfuce’s latest investment round since a Series C cash injection initiated in 2021, which raised €45m, and over the firm’s seven-year history since foundation in 2016 it has raised a total of €62m to date.
Although Vitrium led the funding round, Liikamaa highlighted Visa’s investment in particular, stating that with the payments provider’s backing, Enfuce can ‘continue to bring our bold vision of shaping the future of embedded finance to life’.
Enfuce has a history of working with Visa, having partnered with the US payments giant in December last year in a pilot project which saw the distribution of prepaid payments cards to refugees arriving in France.
Meanwhile, the company’s card issuing and payment processing operations have seen it partner with the likes of Pleo, OKQ8 and Memo Bank, and in February this year it signed a deal with Finnish e-commerce firm Starcart.
Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, remarked: “Visa has been at the vanguard of innovation in payments since its founding in the 1950s.
“Our open network approach gives partners the wings to fly since they can take advantage of our technology and security to constantly innovate and access best-in-class innovation.
“This investment in our partner Enfuce, will allow them to grow their current business within issuer processing and BIN sponsorship by accelerating innovation through making Visa’s solutions widely available to the payment’s ecosystem.”
