Enfuce nabs €45m for its cloud-based card issuing platform

Enfuce, a European card-as-a-service (CaaS) platform, has scored €45m in its Series C funding round.

Vitruvian Partners, an international growth investor, served as the lead backer to the round. Commitments also came from existing backer Tencent.

The capital burst will help the FinTech company accelerate its international growth, as well as the development of its technology.

Enfuce claims to be one of the fastest growing FinTech companies in Europe and the first to run a card issuing platform in the cloud.

Its CaaS platform enables clients to implement customer card and payment solutions within weeks. The platform supports expense management, neobanks, fuel cards, loyalty programmes, as well as corporate and consumer lending.

Founded in Finland in 2016, Enfuce has over 13 million active card users on its platform and processes nearly €1bn in annual transactions. Some of its notable clients include Pleo, St1, Gee Finance, Qred and Rabobank, among others.

As part of its growth efforts, it recently entered the German and French markets.

Enfuce co-founder and CEO Monika Liikamaa said, “The payments industry has seen hyper growth in the last 18 months and 2021 has been a groundbreaking year for Enfuce; since the launch of our CaaS offering we have more than doubled our number of payment customers and ARR whilst also seeing strong pan-European traction.

“We are thrilled to bring onboard an experienced international investor in Vitruvian who have helped scale numerous fintech companies worldwide.”

In the summer, Enfuce entered a partnership with Bud, an open banking platform, to bring carbon tracking to the UK. The deal sees Bud’s open banking and transaction enrichment services combined with Enfuce’s My Carbon Action carbon tracking engine to offer UK customers a clear idea of how their spending impacts their carbon footprint.

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