Enfuce from Finland grabs €8.5M follow-on investment, aiming for continued growth in cloud-based payment solutions

Enfuce, a Espoo-based company specializing in cloud-based payment solutions and issuer processing, has secured an additional €8.5 million in funding. This investment round is led by Vitruvian Partners, with contributions from Visa and Maki.vc, following their successful €45 million Series C round in 2021. Enfuce focuses on enabling fintechs, banks, and non-financial brands to effortlessly offer cards, digital wallets, and embedded finance solutions through its modular payment processing capabilities. This new funding will support Enfuce’s expansion across key European markets like Benelux, Germany, and France, as well as enhancing collaborations with Visa. The aim is to further innovate and deploy scalable payment technologies, ensuring the continued growth and accessibility of their advanced financial solutions.

Founded in 2016, Enfuce has grown to be an important player in the payments sector. Having been one of the first to bring payment processing to the public cloud, Enfuce is the partner of choice for innovative payments solutions for the likes of Pleo, OKQ8 and Memo Bank. As a global card issuer and payment processor that merges innovation, security, and expertise to create modular, cloud-based payment processing capabilities, Enfuce enables innovative fintechs, banks, and non-financial brands to seamlessly provide cards, digital wallets, and embedded finance solutions in a hassle-free and secure way.

Monika Liikamaa, co-founder & co-CEO at Enfuce, comments: “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. With Visa’s investment, we will continue to bring our bold vision of shaping the future of embedded finance to life”

The demand for Enfuce’s award-winning modular issuer processor solutions has skyrocketed in recent years, as more and more companies look to integrate embedded financial products like payment cards in order to stay competitive and attract customers. In fact, the market for embedded finance applications is projected to grow fivefold, from US$54.3 billion in 2022 to US$248.4 billion, by 2032. Yet, the challenges faced in creating and managing payment cards has proven difficult for many businesses.

To address this, Enfuce offers an all-encompassing solution, handling licensing, financing, compliance, and fraud management, thus delivering an efficient end-to-end management of card programs, making the process more accessible and cost-effective for aspiring companies. Today, Enfuce processes nearly €2bn in transactions annually, and has established itself as the go-to strategic partner for revolutionising payments flows and transformative business growth.

Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, comments: “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.”

Pirkka Palomäki, founding partner at Maki.vc, comments: “Enfuce’s team, along with their commitment to innovation, has been the center piece of our attention from day one. They have a proven track record of driving industry transformation and creating customer-centric solutions. Their ability to stay ahead of the curve in an ever-evolving financial landscape aligns with our investment strategy to back visionary leaders who can navigate changing markets effectively.”

Jussi Wuoristo, Partner at Vitruvian Partners, comments: “This partnership marks a pivotal moment for Enfuce as it embarks on a journey of global expansion, bringing its innovative card issuing and payment processing solutions to banking, corporate payment, and fintech clients across the world. This aligns perfectly with Vitruvian’s investment philosophy of supporting exceptional companies with groundbreaking technological solutions and vast international growth potential.”

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