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Enfuce secures UK EMI licence; appoints Krieger as chairman

Enfuce secures UK EMI licence; appoints Krieger as chairman

Finnish-founded card issuer and payment processor Enfuce has secured a UK e-money licence and installed former Tide CEO and Revolut COO Laurence Krieger as chairman.

Enfuce is a one-stop shop for companies that want to issue cards to their customers, supporting debit, credit, prepaid, gift, fleet and fuel card programmes in any form - plastic, digital and/or tokenised - for consumer, commercial and B2B applications, along with digital wallets. The company also offers a carbon tracking toool for calculating the emissions of transactions.

Under the FCA’s EMI licence, which builds on the company’s previous accreditation as an authorised payment institution, Enfuce will be able to provide electronic money services as well as card issuing and payment processing to its roster of UK customers.

An EMI licence has much lower capital requirements than a full banking licence and gives challenger firms a way to compete with larger incumbents in payment services

Denise Johansson, co-founder and co-CEO of Enfuce Group, comments: "The FCA’s seal of approval is not only a testament to Enfuce’s commitment to uphold the highest regulatory standards, but will also provide us with the market access, operational ownership and flexibility that are necessary for long-term growth and success in the ever-changing payments landscape.”

Since launching in the UK in 2022, Enfuce has established strategic partnerships with Funding Circle, and UK neo-banking start-up focused on scientific research, Science Card.

To continue its push into the UK, the firm is strengthening its leadership team, with the appointment of Krieger as chairman. "Enfuce has been at the forefront of financial services since day one, pioneering payment processing in the public cloud," says Krieger. "Receiving the FCA’s EMI licence is an incredible achievement that will play a crucial role in fuelling the company’s ambition to expand its global presence and revolutionise the payment landscape.”

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