Finland-based Enfuce, a platform for card-as-a-service (CaaS), offering a flexible, scalable, and secure solution for processing cloud-based payments, raised 45 million euros on 6th December.
Investors: The investment round was led by Vitruvian Partners, a leading international investment firm that helps companies and entrepreneurs achieve their potential. Tencent participated in the investment round as well.
Purpose of funding: The startup plans to take advantage of the funding to accelerate growth internationally and enhance its advanced technology platform.
About Enfuce
Founded in 2016 by Denise Johansson and Monika Liikamaa, Enfuce is located in Espoo, Finland. Enfuce is a cloud-based platform for card-as-a-service (CaaS), which offers a flexible, scalable, and secure solution for banks, fintech, financial operators, and merchants to process cloud-based payments. Enfuce Card as a Service is an easy-to-use, comprehensive card solution for fintech and other companies launching and scaling payment cards faster than ever before.
Among the startup’s offerings are expense management, neobanks, fuel cards, as well as corporate and consumer loans. Over 13 million users with active cards are active on Enfuce’s platform, and almost 1 billion transactions are processed annually. In addition to its presence in Finland, the company has recently expanded to Germany and France.
What the founders have to say
“The payments industry has seen hyper growth in the last 18 months and 2021 has been a groundbreaking year for Enfuce; since the launch of our CaaS offering we have more than doubled our number of payment customers and ARR whilst also seeing strong pan-European traction. We are thrilled to bring onboard an experienced international investor in Vitruvian who have helped scale numerous fintech companies worldwide,” said Monika Liikamaa, Co-founder and CEO at Enfuce.
“Year 2021 has pushed our Card as a Service offering with our integrated carbon footprint calculator My Carbon Action towards a big breakthrough. We are today powering some of the most innovative fintech and corporate payment solutions on the market and we are very excited to take this success even further together with Vitruvian Partners. Our market is currently on the verge of disruption – and pioneers and innovators such as Enfuce are needed to accelerate that change,” said Denise Johansson, Co-founder and CCO at Enfuce.
What the investor has to say
“Enfuce has developed an unrivalled CaaS-enabled payment technology platform and has achieved impressive growth since the launch of their offering with ample opportunities in a vast market as the Company continues to take on international scale. Vitruvian looks to back exceptional companies with unique technology solutions and we are excited to be working together with Monika and Denise and their world-class team to further strengthen the leading position of Enfuce,” said Jussi Wuoristo, Partner at Vitruvian Partners.
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