Finland-based Enfuce, a renowned issuer processing powerhouse, has successfully closed an €8.5m follow-on investment round.
This substantial funding was spearheaded by Vitruvian Partners, with significant contributions from Visa and Maki.vc. This financial boost comes on the heels of Enfuce’s impressive €45m Series C round in 2021, elevating their total fundraising to €62m.
Enfuce, established in 2016, has rapidly emerged as a key figure in the payments industry. As one of the initial companies to transition payment processing to the public cloud, Enfuce has become the preferred partner for leading names like Pleo, OKQ8, and Memo Bank.
They offer a comprehensive suite of services as a global card issuer and payment processor, blending innovation, security, and expertise to deliver cloud-based, modular payment processing solutions. This allows a range of clients, including innovative FinTechs, banks, and non-financial brands, to effortlessly offer card services, digital wallets, and embedded finance solutions.
The recent investment is set to usher in a new growth phase for Enfuce. Heading into 2024, the company plans to expand its reach across key European markets, targeting areas such as Benelux, Germany, and France. This strategic move positions Enfuce to dominate in the enterprise segment and solidify its presence in these significant markets.
Monika Liikamaa, co-founder & co-CEO at Enfuce, highlights the significance of Visa’s involvement: “Visa’s trust isn’t just a validation of our business, it’s a testament to our significant growth during challenging economic times. Since our inception, we have been committed to rapidly scaling up to ensure the widespread deployment of our modular, scalable and advanced payment solutions that significantly simplify our customers’ lives. With Visa’s investment, we will continue to bring our bold vision of shaping the future of embedded finance to life.”
Denise Johansson, co-founder & co-CEO, adds: “This investment represents more than mere financial backing for us. It’s the continuation of an extensive and productive partnership between Visa and Enfuce. Collaboration stands at the core of our Nordic DNA and we’re empowered to continue focusing on uniting visionary minds and cutting-edge technology to create secure, scalable solutions that fuel innovation with the unwavering support of Visa.”
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