February 24, 2024
Visa joins Enfuse in €8.5 million funding round

Visa has joined female-founded Finnish card issuer and payments processor Enfuse in an €8.5 million funding round.

The follow-on investment round was led by Vitruvian Partners with additional participation from Maki.VC. This follows Enfuce’s €45m Series C funding round launched in 2021. Enfuce has raised a total of €62m to date.

Founded in 2016, Enfuce provides an embedded finance offering to a client roster that includes Pleo, OKQ8 and Memo Bank.

Acting as a global card issuer and payments processor, Enfuce provides an end-to-end program of services handling licensing, financing, compliance and fraud management. The company currently transacts approximately €2 billion annually.

The latest investment is designed to prepare for the company’s next phase of growth, with plans to expand into key European markets such as Benelux, Germany and France.

Monica Liikamaa, Co-Founder and Co-CEO of Enfuse, comments: “Visa’s trust is not just validation of our business, it is testament to our significant growth during challenging economic times. Since our inception, we have been committed to rapid expansion to ensure widespread deployment of our modular, scalable and advanced payment solutions that significantly simplify the lives of our customers. With Visa’s investment, we will continue to bring to life our bold vision of shaping the future of embedded finance.

Enfuse first partnered with Visa in June 2021 to launch a fast-track, eight-week program for European fintech companies to launch their own payment cards.

Filip Konopik, Regional Managing Director, Nordics and Baltics, Visa, comments: “This investment in our partner Enfuse will allow them to enhance their current business within issuer processing and BIN sponsorship by accelerating innovation, though Visa’s solutions “Will be widely available to the payments ecosystem.”

Source: www.bing.com

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