Finland-based card issuing and processing company Enfuce has secured an EUR 8.5 million(US$9.2million) investment round led by Vitruvian Partners, with participation from Visa and Maki.vc.
This funding enables the company to continue its growth in the enterprise sector, allowing expansion across key European markets and strengthening its collaboration with Visa to provide innovative financial solutions. The company has raised a total of EUR 62 million to date.
Enfuce has secured an EUR 8.5 million investment round led by Vitruvian partners, with participation from Visa and Maki.vc.
Founded in 2016, Enfuce has grown to be an important player in the payments sector. Having been one of the first to bring payment processing to the public cloud, Enfuce is the partner of choice for innovative payments solutions for the likes of Pleo, OKQ8, and Memo Bank. As a global card issuer and payment processor that merges innovation, security, and expertise to create modular, cloud-based payment processing capabilities, Enfuce enables innovative fintechs, banks, and non-financial brands to seamlessly provide cards, digital wallets, and embedded finance solutions in a hassle-free and secure way.
Growth plans and enterprise success in 2024
This investment is designed to set Enfuce up for its next phase of growth, positioning the business to win in the enterprise segment. Heading into 2024, this will propel Enfuce’s expansion across key European markets, such as Benelux, Germany, and France.
Representatives from Enfuce emphasised that Visa’s confidence goes beyond merely validating their business; it serves as a testament to the substantial growth achieved amidst challenging economic conditions. Since their establishment, Enfuce has pursued rapid scaling to facilitate the widespread adoption of their modular, scalable, and cutting-edge payment solutions, simplifying the lives of their customers. With the infusion of funds from Visa, they are poised to persist in realising their ambitious vision of shaping the future of embedded finance.
Pioneering embedded finance solutions for rapid market growth
The demand for Enfuce’s modular issuer processor solutions has risen leading up to this announcement, as more and more companies look to integrate embedded financial products like payment cards in order to stay competitive and attract customers. In fact, the market for embedded finance applications is projected to grow fivefold, from USD 54.3 billion in 2022 to USD 248.4 billion, by 2032, as per the press release. Yet, the challenges faced in creating and managing payment cards has proven difficult for many businesses.
To address this, Enfuce offers an all-encompassing solution, handling licensing, financing, compliance, and fraud management, thus delivering an efficient end-to-end management of card programs, making the process more accessible and cost-effective for aspiring companies. Now, Enfuce processes nearly EUR 2 billion in transactions annually, and has established itself as the go-to strategic partner for revolutionising payments flows and transformative business growth.
