Visa has joined an €8.5 million funding round in female-founded Finnish card issuer and payment processor Enfuce.
The follow-on investment round was led by led by Vitruvian Partners with additional participation from Maki.vc. This follows Enfuce's €45m Series C funding round initiated in 2021. Enfuce has raised a total of €62m to date.
Founded in 2016, Enfuce offers an embedded finance proposition to a client roster that includes the likes of Pleo, OKQ8, and Memo Bank.
Acting as a global card issuer and payment processor, Enfuce offers an end-to-end programme of services handling licensing, financing, compliance, and fraud management. The company currently processes nearly €2bn in transactions annually.
The latest investment is designed to set the firm up for its next phase of growth, with plans for expansion across key European markets, such as Benelux, Germany, and France.
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.”
Enfuce first partnered with Visa in June 2021 to Visa to roll out a fast-track, eight-week programme for European fintechs to launch their own payment cards.
Philip Konopik, regional managing director, Nordics and Baltics, Visa, comments: “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.”