Enfuce bags €8.5m from Vitruvian Partners, Visa and Maki.vc

By Gloria Methri

Enfuce, a Finnish issuer processor, has announced an €8.5 million follow-on investment round, led by Vitruvian Partners, with participation from Maki.vc and Visa. The investment round follows Enfuce’s €45 million Series C funding round that was initiated in 2021. The company has raised a total of €62 million to date.

Founded in 2016, Enfuce creates modular, cloud-based payment processing capabilities, that enable FinTechs, banks, and non-financial brands to seamlessly provide cards, digital wallets, and embedded finance solutions in a hassle-free and secure way.

This investment is designed to set Enfuce up for its next phase of growth, positioning the business to dominate in the enterprise segment. Heading into 2024, this will propel the company’s expansion across key European markets, such as Benelux, Germany, and France.

Monika Liikamaa, co-founder & co-CEO at Enfuce, said, “Visa’s trust isn’t just a validation of our business, it is a testament to our significant growth during challenging economic times.”

Denise Johansson, co-founder & co-CEO at Enfuce added, “This investment represents more than mere financial backing for us. It continues an extensive and productive partnership between Visa and Enfuce. Collaboration stands at the core of our Nordic DNA, and we are 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.”

Today, Enfuce processes nearly €2 billion in transactions annually and has established itself as the go-to strategic partner for revolutionising payment flows.

Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, said, “This investment in our partner Enfuce, will allow them to grow their current business within issuer processing and BIN sponsorship by accelerating innovation though making Visa’s solutions widely available to the payment’s ecosystem.”

Pirkka Palomäki, founding partner at Maki.vc, commented, “Enfuce’s team, along with their commitment to innovation, has been the centrepiece of our attention from day one. They have a proven track record of driving industry transformation and creating customer-centric solutions. Their ability to stay ahead of the curve in an ever-evolving financial landscape aligns with our investment strategy to back visionary leaders who can navigate changing markets effectively.”

Jussi Wuoristo, Partner at Vitruvian Partners, said, “This partnership marks a pivotal moment for Enfuce as it embarks on a journey of global expansion, bringing its innovative card issuing and payment processing solutions to banking, corporate payment, and FinTech clients across the world. This aligns perfectly with Vitruvian’s investment philosophy of supporting exceptional companies with groundbreaking technological solutions and vast international growth potential.”