Female-Founded Finnish FinTech Enfuce Raises $51M in Series C

Female-founded Finnish payment services provider Enfuce raised €45 million ($51 million) in a Series C investment round led by Vitruvian Partners, with participation by Tencent, Maki.vc and other early-stage investors, according to a press release on Monday (Dec. 6).

Among the leading European card-as-a-service (CaaS) platforms, the startup will use the fresh infusion of capital to support continued expansion around the globe and to build out its technology platform.

Founded in Finland in 2016 by Denise Johansson, Monika Liikamaa, Niklas Apellund, Tom Gråhn, and William Ekström, Enfuce offers payments, open banking and sustainability services to banks, FinTechs, financial operators and merchants.

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“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 has helped scale numerous FinTech companies worldwide,” said Monika Liikamaa, co-founder and CEO of Enfuce.

With over 13 million active card users transacting close to €1 billion every year, Enfuce recently grew its footprint in Germany and France. The company offers business and consumer loans as well as central applications like expense management, neobanks, fuel cards and loyalty programs.

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“The year 2021 has pushed our card-as-a-service offering with our integrated carbon footprint calculator My Carbon Action toward 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,” noted Denise Johansson, co-founder and CCO of Enfuce. “Our market is currently on the verge of disruption – and pioneers and innovators such as Enfuce are needed to accelerate that change.”

Just Eats backer Vitruvian Partners is an independent growth capital firm with offices across Stockholm, Munich, Madrid, Luxembourg, San Francisco and Shanghai. Vitruvian previously invested in several financial services and payment companies, including Marqeta and TransferWise.