Enfuce

Overview
Activities
News
FinTech Infrastructure?
Product stageSegments
Growth
?
Banking services
?

Enfuce is a Finnish company providing an API-based card issuing and processing (card-as-a-service [CaaS]) infrastructure platform for banks, FinTechs, and merchants. The platform can be used to develop debit, credit, gift, and loyalty card programs, as well as digital wallets, and includes expense management and neobanking solutions while supporting digital payment features such as Apple Pay. In addition to the CaaS platform, Enfuce also offers a PSD2-compliant open banking infrastructure for its users to access end customer banking accounts.

Enfuce was reportedly the first company in Europe to run a fully cloud-based card issuing platform. Its operations span across Europe and the Middle East, and its customers include Pleo, St1, Gee Finance, Qred, Rabobank, and Mynt, among others. As of December 2021, the platform reportedly had over 13 million active card users and processed transactions worth around EUR 1 billion (USD 1.1 billion) annually. Moreover, Enfuce claims that its users can launch a payment card program in eight weeks, using the platform. In February 2024, Enfuce secured an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA).

Key customers and partnerships

The company has partnered with several companies such as Visa, Mastercard, and Amazon Web Services (AWS) to deliver its CaaS and open banking services. Moreover, in November 2020, Enfuce joined Visa’s “FinTech Fast Track” program, which was designed to help FinTechs better integrate with Visa to deliver payment solutions.

Funding and Financials

In November 2023, Enfuce raised EUR 8.5 million (~USD 9.3 million) in funding led by Vitruvian Partners. The funds were earmarked to support its geographic expansion plans across Europe, including key markets such as Benelux, Germany, and France, and enhancing collaboration with Visa to offer innovative financial solutions.

HQ location:
Metsänneidonkuja 12 Espoo FIN
Founded year:
2016
Employees:
101-250
IPO status:
Private
Total funding:
USD 79.6 mn
Last Funding:
USD 9.3 mn (Series Unknown; Nov 2023)
Last valuation:
-
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