Espoo-based Enfuce, a provider of embedded finance solutions, announced that it has secured €8.5M in a new follow-on investment round. This funding comes on the heels of Enfuce’s €45M Series C funding round launched in 2021, bringing the total funds raised to €62M.
Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, says, “This investment in our partner Enfuce, will allow them to grow their current business within issuer processing and BIN sponsorship by accelerating innovation though making Visa’s solutions widely available to the payment’s ecosystem.”
Monika Liikamaa, co-founder & co-CEO at Enfuce adds, “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.”
Enfuce aims to fuel its next growth phase, focusing on winning in the enterprise segment. The company plans to expand into key European markets, including Benelux, Germany, and France, in 2024.
Denise Johansson, co-founder & co-CEO at Enfuce says, “This investment represents more than mere financial backing for us. It’s the continuation of an extensive and productive partnership between Visa and Enfuce.”
“Collaboration stands at the core of our Nordic DNA and we’re empowered to continue focusing on uniting visionary minds and cutting-edge technology to create secure, scalable solutions that fuel innovation with the unwavering support of Visa,” adds Johansson.
What does Enfuce offer?
Founded in 2016, Enfuce claims to be a significant player in the payments industry. Pioneering the introduction of payment processing to the public cloud, the company has become the preferred partner for payment solutions for clients such as Pleo, OKQ8, and Memo Bank.
Functioning as a global card issuer and payment processor, Enfuce combines innovation, security, and expertise to develop modular, cloud-based payment processing capabilities.
This allows fintechs, banks, and non-financial brands worldwide to offer cards, digital wallets, and embedded finance solutions in a secure and streamlined manner.
Enfuce’s modular issuer processor solutions are in high demand as businesses seek to integrate embedded financial products for competitiveness. Enfuce addresses challenges in card management by offering a complete solution, handling licensing, financing, compliance, and fraud management.
Processing nearly €2B in transactions annually, Enfuce claims to have become a key strategic partner for transforming payment flows and driving business growth.