Finland’s top fintech Enfuce becomes payment institute: All you need to know

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Ever since the widespread growth of the Internet service, the payment industry players have broken new ground with numerous developments. The online financial transactions are now way better and faster comparatively. Further, they are continuing to alter the face of businesses and finances as we know them. 

Finland’s largest fintech startup Enfuce is one of the disruptors in the payment industry that has managed to create services based on the customer’s actual needs and conditions.

Authorised payment institution!

In the latest development, the Espoo-based fintech startup has been accredited as an authorised payment institution by the Finnish Financial Supervisory Authority (FIN-FSA). This will allow its customers to perform account information and payment initiation services together.

Denise Johansson, CEO, and Co-Founder at Enfuce said: “Becoming an authorized payment institution is a major milestone for us. We can now serve an even wider group of customers and drive our vision of open banking for everyone.”

Benefit from the PSD2 regulation

On top of that, various companies including insurance companies, accounting bureaus, and mobile network operators can now benefit from the PSD2 regulation through Enfuce offering. The company’s Open Banking Hub enables customers to retrieve account information and initiate payments from end-users’ bank accounts. The account information service provides access to a new set of data which has not been available before, and the payment initiation service can be integrated into existing payment processes in mobile apps and e-commerce sites.

“In addition to delivering effective connectivity to our existing licensed customers with our Open Banking Hub, we can now introduce the same service to other customers. We manage the regulatory compliance and technical connectivity, letting our customers focus on designing the service experience and branding”, Johansson added.

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Raised around €10 million!

Founded by Denise Johansson,Monika Liikamaa, Niklas Apellund, Tom Gråhn, and William Ekström in 2016, Enfuce offers payments, open banking, and sustainability services to banks, fintechs, financial operators, and merchants. Right now, the fintech company employs over 50 in the Nordics and has close to 10 million end-users on their platform. To date, the payment service provider has raised around €10 million in two funding rounds from the early-stage VC firm Maki.vc, Nordea, LähiTapiola, and Finnvera.

Partnership with MaaS Global!

Recently, Enfuce joined hands with Mobility-as-a-Service provider, MaaS Global to launch a card payment offering in Whim, MaaS’ mobility app. According to the company, the service is initially launching in the UK and further market rollouts, including Singapore, are scheduled for later in 2020.

Main image credits: Enfuce

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The editorial team of Silicon Canals brings you technology news from the European startup ecosystem. 

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