Finnish fintech Enfuce secures €45m Series C investment

Finland-based card-as-a-administration stage Enfuce has raised €45m in a Series C funding round drove by Vitruvian Partners to internationally accelerate its development.

The organization's existing supporter Tencent additionally joined the funding round.

The new capital will likewise uphold the improvement of Enfuce's technology stage for API-first card issuing and installment processing arrangements.

This stage offers highlights like cost administration, neobanks, dedication programs, Finland fuel cards market, as well as corporate and purchaser lending.

Enfuce fellow benefactor and CEO Monika Liikamaa said: "The installments industry has seen hyper development over the most recent year and a half and 2021 has been a groundbreaking year for Enfuce; since the send off of our CaaS offering we have dramatically increased our number of installment customers and ARR while likewise seeing solid container European footing."

Enfuce fellow benefactor and CCO Denise Johansson added: "We are today powering the absolute most innovative fintech and corporate installment arrangements on the market and we are extremely eager to take this achievement considerably further together with Vitruvian Partners."

Set up in 2016, Enfuce counts Pleo, St1, Gee Finance, Qred and Rabobank as customers.

The firm is said to process around €1bn exchanges each year for its in excess of 13 million dynamic card users.

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The most recent funding round follows Enfuce's venture into Germany and France.

Vitruvian Partners accomplice Jussi Wuoristo remarked: "Enfuce has fostered an unmatched CaaS-empowered installment technology stage and has accomplished noteworthy development since the send off of their offering with sufficient chances in a huge market as the Company continues to take on international scale.

"Vitruvian hopes to back excellent organizations with interesting technology arrangements and we are eager to be working together with Monika and Denise and their a-list group to further strengthen the leading place of Enfuce."

In the mean time, in May this year, Nets Group's Finnish online business expert Paytrail took over territorial companion Checkout Finland, accelerating Nets' European development.

This January, Swedish fintech firm Fidesmo and confidential bank SEB extended their partnership to carry out Fidesmo Pay in Denmark and Finland.

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