Image credits: Enfuce
Enfuce, a Finnish payment services provider, announced that it has raised €45M in funding in its Series C investment round led by international growth investor Vitruvian Partners. Other investors, including Tencent, Maki.vc, and other early-stage investors, participated.
The new capital will enable Enfuce to further accelerate global expansion and the development of its technology platform.
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Monika Liikamaa, Co-founder and CEO, Enfuce says: “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 on board an experienced international investor in Vitruvian who have helped scale numerous fintech companies worldwide.”
Card-as-a-Service
Founded by Denise Johansson, Monika Liikamaa, Niklas Apellund, Tom Gråhn, and William Ekström in 2016, Enfuce offers payments, open banking, and sustainability services to banks, fintech, financial operators, and merchants.
The company has recently expanded its geographic presence in Germany and France. It has over 13M active card users on its platform from whom Enfuce processes close to €1B transactions annually.
The key applications include expense management, neobanks, fuel cards, loyalty programmes, as well as corporate and consumer lending. Notable Enfuce customers include Pleo, St1, Gee Finance, Qred, and Rabobank, among others.
Denise Johansson, Co-founder, and CCO, Enfuce says: “The year 2021 has pushed our Card as a Service offering with our integrated carbon footprint calculator My Carbon Action towards a big breakthrough. We are today powering some of the most innovative fintech and corporate
payment solutions on the market and we are very excited to take this success even further together with Vitruvian Partners. Our market is currently on the verge of disruption – and pioneers and innovators such as Enfuce are needed to accelerate that change.”
Investor
Headquartered in London, Vitruvian Partners is an independent growth capital firm with offices across Stockholm, Munich, Madrid, Luxembourg, San Francisco, and Shanghai.
Vitruvian Funds have backed over 45 companies and have assets under management of approximately €10B. The company’s notable investments include Just Eat, Farfetch, Darktrace, Trustpilot, Marqeta, TransferWise, Skyscanner, and others.
Jussi Wuoristo, Partner at Vitruvian Partners, 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. Vitruvian looks to back exceptional companies with unique technology solutions and we are excited to be working together with Monika and Denise and their world-class team to further strengthen the leading position of Enfuce.”
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