In the latest development, Enfuce, a Finland-based company providing cloud-based financial services, has secured €10M in funding led by the early-stage VC firm Maki.vc, including venture debt from Nordea, LähiTapiola, and Finnvera.
The company intends to use the new funding to accelerate its global growth and scale its newly launched sustainability service, My Carbon Action.
If you are unaware, My Carbon Actions is a pioneering service for banks, other financial service providers, and merchants to help their customers track their actual carbon footprint per purchase.
Enfuce Co-Founder and CEO Denise Johansson said:
This has been a groundbreaking year for Enfuce, as we’ve launched many significant partnerships and two completely new product categories: open banking platform and sustainability services. We are thankful for the support we have received from Nordea and LähiTapiola, and with Maki’s strong, valuable expertise in B2B software and scaling, we believe we have all the needed tools for global expansion.
8 million end-users!
Founded by Denise Koskinen and Monika Liikamaa in 2016, Enfuce offers payment and open banking services to banks, fintechs, financial operators, and merchants.
Last year, the Finnish company expanded its presence in the UK, Sweden, and Spain. The company employs over 50 driven professionals in the Nordics and has over 8 million end-users in their platform.
Maki.vc Founding Partner Ilkka Kivimäki, said:
We have been closely following the fintech space and keeping an eye out for promising upstarts for quite some time. Enfuce and their team of financial industry heavy lifters convinced us with their future-proof approach that can serve a wide range of businesses in the payments industry and a platform that can be scaled globally.
Finland’s Biggest Fintech Startup!
According to Helsinki Fintech Farm, Enfuce is currently the largest fintech startup in Finland, with revenues in 2018 adding up to over 4 million euros. Enfuce was also the first to run a card issuing platform in the public cloud and to receive the PCI DSS certification for it.
Collaboration with Pleo!
Furthermore, the fintech company is already working with giants like MasterCard, Visa, Amazon Web Services, and D-mat, as well as rising stars of the fintech field, such as the Danish Pleo with whom Enfuce published their collaboration just last week.
In the above scenario, Enfuce’s API, real-time processes, and strong compliance were essential in helping Pleo develop safe and reliable solutions focused on customer experience. Having said that, the Enfuce’s goal is to make customers feel secure in their services and help them reach compliance.
Main image credit: Enfuce
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