Centred around its card-as-a-service offer, Enfuce has raised €45 million in a Series C funding round. The Helsinki-based firm intends to use the new capital to continue international expansion efforts as well as further the development of the card issuing and processing platform. The startup has now raised a total of €62 million.
Founded in 2016, Enfuce utilises an API-first card issuing and payment processing solution and provides clients including Pleo, St1, Gee Finance, Qred, and Rabobank, the ability to offer their customers modern financial solutions at breakneck speed. The startup has seen its product offer applied to areas such as expense management, neobanks, fuel cards, loyalty programmes, and corporate and consumer lending.
Having recently expanded its presence to the French and German marketplaces, Enfuce counts over 13 million active card users that account for close to €1 billion transactions processed annually.
“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,” commented co-founder and CEO Monika Liikamaa.
Vitruvian Partners’ Jussi Wuoristo commented, “Enfuce has developed an unrivalled CaaS-enabled payment technology platform and has achieved impressive growth since the launch of their offering with ample opportunities in a vast market as the company continues to take on an international scale.”