Finnish paytech Enfuce raises €45m in Series C round
Enfuce, a European platform for card issuing and processing, has announced a €45 million Series C investment round led by Vitruvian Partners.
Enfuce’s flagship Card-as-a-Service (CaaS) offering has more than 13 million active card users, processing close to €1 billion worth of transactions annually. It has also expanded from its native Finland to Germany and France.
The company says it enables its clients to “bring modern and feature-rich end-customer card and payment solutions to the market at unparalleled speed, in weeks rather than months”.
Key applications include expense management, fuel cards, loyalty programmes, and lending (retail and corporate). Among its clients are Pleo, St1, Gee Finance, Qred, and Rabobank.
“The payments industry has seen hyper growth in the last 18 months and 2021 has been a ground-breaking year for Enfuce,” comments co-founder and CEO Monika Liikamaa.
“Since the launch of our CaaS offering we have more than doubled our number of payment customers.”
The company was founded in 2016. In addition to Vitruvian Partners, it is backed by Tencent, Maki.vc, and other early-stage investors. Tencent also participated in the Series C investment round.