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Female-led Finnish fintech Enfuce gets €8M follow-on funding from Wise, Darktrace investor and more

In a recent development, Finnish fintech company Enfuce, led by female founders and specialising in payment services, has successfully secured €8 million in a new follow-on investment round. The funding round was prominently led by Vitruvian Partners, renowned for their investments in companies such as Wise, Darktrace, and Just Eat. Additional contributions to this round came from and Visa.

This investment follows Enfuce’s €45 million Series C funding round initiated in 2021, bringing the total funds raised by the company to an impressive €62 million.

Founded in 2016 by Denise Johansson, Monika Liikamaa, Niklas Apellund, Tom Gråhn, and William Ekström, Enfuce has worked with finch brands like Pleo, OKQ8, and Memo Bank. As a global card issuer and payment processor, Enfuce enables fintechs, banks, and non-financial brands to provide cards, digital wallets, and embedded finance solutions in a hassle-free and secure way.

Competing directly with prominent BaaS players like Germany’s Solaris and the UK’s Railsr, this investment positions Enfuce for its upcoming growth phase. The funds will be instrumental in the company’s expansion into crucial European markets, including Benelux, Germany, and France.

The rise of embedded finance

As more and more companies look to integrate embedded financial products like payment cards, the market for embedded finance applications is projected to grow fivefold, from $54.3 billion in 2022 to $248.4 billion by 2032. 

To address the challenges faced in creating and managing payment cards, Enfuce offers an all-encompassing solution, handling licensing, financing, compliance, and fraud management, thus delivering end-to-end management of card programs, making the process more accessible and cost-effective for aspiring companies. The company is said to be handling nearly €2bn in transactions annually.

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

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

Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, comments: “Visa has been at the vanguard of innovation in payments since its founding in the 1950s. Our open network approach gives partners the wings to fly since they can take advantage of our technology and security to constantly innovate and access best-in-class innovation. 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, comments: “Enfuce’s team, along with their commitment to innovation, has been the centerpiece 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, comments: “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.”

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