‘Next-Gen’ Card-as-a-Service platform Enfuce raises €45m Series C

Card-as-a-Service platform Enfuce, which helps fintechs and other corporates, with card issuing and processing, has closed a €45m Series C  round.

Founded by two female entrepreneurs Monika Liikamaa & Denise Johansson in Finland in 2016,  Enfuce says it now has over 13 million active card users and processes close to €1bn of transactions annually. 

It operates in the cloud with its core applications including expense management, neobanks, fuel cards, loyalty programmes, as well as corporate and consumer lending for the likes of Pleo, St1, Gee Finance, Qred and Rabobank.

The round was led by international growth investor Vitruvian Partners, a backer of the likes of Marqeta and Wise, and will be used to accelerate international growth plans and technology platforms.

Enfuce is also backed by Tencent, Maki.vc and other early-stage investors. Tencent participated in the Series C investment round.

“The payments industry has seen hyper-growth in the last 18 months and 2021 has been a groundbreaking year for Enfuce; 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,” said Monika Liikamaa, co-founder and CEO at Enfuce.