Finland-based payments company Enfuce Financial Service has bagged €5m in growth funding.
The capital injection was supplied by Nordic financial services provider Nordea, Finnish insurance company LähiTapiola and Finnvera, a Finland state-owned financing company. KMPG served as the financial advisor to Enfuce for the round.
Funds from the investment have been earmarked for international expansion efforts and hiring key professionals in select European markets.
The company is already looking to raise additional funding, with a planned Series A expected to close by Q2 of 2019.
Enfuce offers a cloud-based payments infrastructure which enables clients to incorporate payments into their operations in a compliant and FSA approved way. Its Open banking platform enables banks and third-party players to access all necessary account and payment data and meet the PSD2 requirements.
Its technology also aims to improve security within transactions by implementing robust customer authentication tools and protect them from potential attacks. The PCI-DSS compliant solution supports the entire card issuing value chain, handling various payment methods, including cards to mobile payments.
Last year, Enfuce expanded its presence to the UK, Sweden and Spain.
Currently there are over 40 members of the Enfuce team spread across four countries. The RegTech hopes to further grow its team size during 2019.
Enfuce co-founder Monika Liikamaa said, “As a company we have already made great accomplishments in building global presence and we are excited to take this development to the next level. I want to take this opportunity to express my gratitude to the companies that have decided to finance us, thus showing that they believe in our company and the service we provide for our customers.”
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