Enfuce, the leading European Card-as-a-Service (“CaaS”) platform for modern card issuing and processing, today announced a successful €45 million Series C investment round led by international growth investor Vitruvian Partners. The new capital will be used to further accelerate growth internationally as well as development of the Company’s leading technology platform.
Enfuce is one of the fastest growing fintech companies in Europe and the first to run a card issuing platform fully in the cloud. The Company’s CaaS platform sits at the core of an accelerating shift in the financial services industry towards modern API-first card issuing and payment processing solutions with traditional incumbents quickly being disrupted. With Enfuce, clients can bring modern and feature rich end-customer card and payment solutions to the market at unparalleled speed, in weeks rather than months, and benefit from superior platform stability and uptime performance. Key applications include expense management, neobanks, fuel cards, loyalty programmes, as well as corporate and consumer lending. Notable Enfuce customers include Pleo, St1, Gee Finance, Qred and Rabobank, among others.
Founded in 2016, Enfuce has over 13 million active card users on their platform for whom Enfuce processes close to €1 billion transactions annually. The Company recently expanded its geographic presence in Germany and France. In addition to Vitruvian Partners, the Company is backed by Tencent, Maki.vc and other early-stage investors. Tencent participated in the Series C investment round.
Vitruvian Partners has previously invested in several successful financial services and payment companies including most recently Marqeta and TransferWise as well as numerous Nordic champions that have become international successes, including Benify, CRF Health, EasyPark, Scrive and Unifaun. Vitruvian Partners is a London-headquartered international investment firm with more than 100 professionals in seven countries with a focus on market-leading high-growth companies.
Monika Liikamaa, Co-founder and CEO, Enfuce said: “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. We are thrilled to bring onboard an experienced international investor in Vitruvian who have helped scale numerous fintech companies worldwide.”
Denise Johansson, Co-founder and CCO, Enfuce added: “Year 2021 has pushed our Card as a Service offering with our integrated carbon footprint calculator My Carbon Action towards a big breakthrough. We are today powering some of the most innovative fintech and corporate payment solutions on the market and we are very excited to take this success even further together with Vitruvian Partners. Our market is currently on the verge of disruption – and pioneers and innovators such as Enfuce are needed to accelerate that change.”
Jussi Wuoristo, Partner at Vitruvian Partners, commented: “Enfuce has developed an unrivalled CaaS-enabled payment technology platform and has achieved impressive growth since the launch of their offering with ample opportunities in a vast market as the Company
continues to take on international scale. Vitruvian looks to back exceptional companies with unique technology solutions and we are excited to be working together with Monika and Denise and their world-class team to further strengthen the leading position of Enfuce.”
The investment is subject to regulatory approval.