Finnish issuer processing firm, Enfuce has secured an €8.5 million follow-on investment round led by Vitruvian Partners, with participation from Visa and Maki.vc.
The funding follows its successful €45 million Series C round in 2021 and enables further expansion of embedded financing across key European markets. In particular, Enfuce, which has now raised a total of €62m to date, said a key focus in 2024 will be markets in Benelux, Germany and France.
Founded in 2016, the company has become an increasingly important player in the payments sector by enablingfintechs, banks, and non-financial brands to provide cards, digital wallets, and embedded finance solutions. Notably, it was one of the first to bring payment processing to the public cloud.
The demand for modular issuer processor solutions has surged in recent years 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 US$54.3 billion in 2022 to US$248.4 billion, by 2032.
Enfuce is aiming to alleviate challenges that many businesses have faced as a result such as creating and managing payment cards. By bringing licensing, financing, compliance, and fraud management into one solution the company has been focusing on delivering more efficient, cost-effective end-to-end management of card programs.
Monika Liikamaa, co-founder & co-CEO at Enfuce, said: “Since our inception, we have been committed to rapidly scaling up to ensure the widespread deployment of our modular, scalable and advanced payment solutions that significantly simplify our customers’ lives. With Visa’s investment, we will continue to bring our bold vision of shaping the future of embedded finance to life”
Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, added: “This investment in our partner Enfuce, will allow them to grow their current business within issuer processing and BIN sponsorship by accelerating innovation through making Visa’s solutions widely available to the payment’s ecosystem.
