Visa backs €8.5m investment in Finland-based FinTech startup Enfuce to accelerate growth

People in North America collectively spend over $3 trillion each year using credit cards. The trend is mirrored in Europe, where the value of payment card transactions in the Euro area hit nearly 1.82 trillion euros in 2018. Financial institutions in the EU-27 issued almost 800 million payment cards in 2022. One of the key players that facilitate widespread card usage is Enfuce, a Helsinki, Finland card issuer and payment processor.

Leveraging its modular, cloud-based payment processing capabilities, Enfuce empowers innovative fintechs, banks, and non-financial brands, such as Pleo, OKQ8, and Memo Bank, to seamlessly offer cards, digital wallets, and embedded finance solutions in a secure and hassle-free manner.

Today, Enfuce announced a new investment round of €8.5 million, led by Vitruvian Partners, with contributions from Maki.vc and Visa, a global leader in digital payments. This comes on the heels of Enfuce’s €45 million Series C funding round initiated in 2021, bringing their total raised funds to €62 million.

This strategic investment marks a continuation of the strong partnership between Visa and Enfuce, aiming to position Enfuce for its next phase of growth. Looking ahead to 2024, this infusion of capital will drive Enfuce’s expansion into key European markets, including the UK, Benelux, Germany, and France.

Commenting on the investment, Jussi Wuoristo, Partner at Vitruvian Partners, said: “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.”

Founded in 2016 by Monika Liikamaa and Denise Johansson, Enfuce is a female-led company with a unique vision of uniting the most brilliant minds and cutting-edge technology to dismantle barriers to prosperity. Serving as a global card issuer and payment processor, Enfuce seamlessly blends innovation, security, and expertise to craft modular, cloud-based payment processing capabilities. Recognized as one of Finland’s most valuable scaleups, Enfuce holds the distinction of being one of the pioneers in financial services to attain PCI-DSS certification while operating its services in the public cloud.

In a statement, Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, said: “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 though making Visa’s solutions widely available to the payment’s ecosystem.”

The demand for Enfuce’s modular issuer processor solutions has seen a surge in demand as businesses seek to integrate embedded financial products like payment cards to stay competitive. The market for embedded finance applications is expected to grow significantly, from $54.3 billion in 2022 to $248.4 billion by 2032.

Enfuce addresses the challenges in creating and managing payment cards by providing a comprehensive solution that covers licensing, financing, compliance, and fraud management. This end-to-end management of card programs makes the process more accessible and cost-effective for companies. Currently processing nearly €2 billion in transactions annually, Enfuce has become a key strategic partner for businesses looking to revolutionize payment flows and achieve transformative growth.