Enfuce obtains EMI licence from UK regulator

Ellie Duncan
27 Feb 2024

Finland-based card issuer Enfuce has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA), enabling it to provide electronic money services, as well as card issuing and payment solutions, directly to new and existing UK customers.

It follows Enfuce’s first launch in the UK back in June 2022, and means that the company can accelerate its expansion across the UK and Europe, where it already holds an EMI licence from the Finnish FSA.

Enfuce has already established strategic partnerships with UK fintech and financial services companies, including Funding Circle and neobank startup Science Card, respectively.

Customers of Science Card, which is powered by Enfuce’s card-as-a-service platform, can make a direct contribution to research projects at British universities through their normal payments activity.

“We are incredibly proud to have received the e-money licence from the FCA, which is renowned for its tough regulatory standards,” said Fernley Blackler, chief executive officer of Enfuce UK.

“The authorisation process for EMIs has become more difficult in recent years, so our approval further confirms Enfuce’s compliance with the highest regulatory standards as well as the trust from the regulator in our business model and management team.”

Enfuce founders

L-R: Denise Johansson and Monika Liikamaa, co-CEOs of Enfuce

Denise Johansson, co-founder and co-chief executive officer of Enfuce Group, called it a major step forward for Enfuce.

“The UK is a key market for us in this endeavour. The FCA’s seal of approval is not only a testament to Enfuce’s commitment to uphold the highest regulatory standards, but will also provide us with the market access, operational ownership and flexibility that are necessary for long-term growth and success in the ever-changing payments landscape,” she added.

In addition, Enfuce has appointed Laurence Krieger as chair of the Enfuce UK board of directors.

He is the former chief executive officer of Tide UK and, prior to that, served as Revolut’s chief operating officer.

He said: “I’m thrilled to be joining Enfuce at a time of significant momentum for the company. Enfuce has been at the forefront of financial services since day one, pioneering payment processing in the public cloud.

“Receiving the FCA’s EMI licence is an incredible achievement that will play a crucial role in fuelling the company’s ambition to expand its global presence and revolutionise the payment landscape.”