Finnish fintech Enfuce has brought its cloud-native Card-as-a-Service (CaaS) platform to the UK, following its €45 million Series C funding round led by Vitruvian Partners at the end of 2021.
Enfuce’s arrival in the UK is part of its strategic international expansion, having been established in Finland in 2016.
Newly-appointed executive vice president of fintech sales, Peter Baxendale, will lead Enfuce’s UK team and has previously worked at payment companies Retail Decisions (ReD), now ACI, Elavon and Modulr.
Monika Liikamaa, co-founder and co-CEO of Enfuce, (pictured on the right) said: “We are launching in Europe’s largest and most competitive fintech hotbed, because the strengths and scalability of our CaaS offering are exactly what fintechs, banks and non-bank brands are searching for to succeed in their card launches.
She described Enfuce as doing the “heavy lifting” of card issuing and processing.
“Enfuce’s vision is clear – to educate every fintech, bank or brand, from challenger to goliath, to move to cloud-based embedded finance platforms by 2025 and drive the digital transformation of the UK and Europe for the benefit of businesses and consumers,” Liikamaa added.
Enfuce serves more than 16 million cardholders globally and processes €1 billion annually.
Denise Johansson, co-founder and co-CEO of Enfuce, (pictured on the left) said that “the time is right for Enfuce to transform the UK payment market”.
“We have already disrupted the Nordic payment landscape by eliminating the need to rely on legacy processing systems that slow down operational efficiencies and lack the flexibility to integrate new payment services. Enfuce is making a bold statement with our expansion into the UK – we are the one-stop shop for companies that want to issue cards to their customers, both in the UK and for UK entities to expand into the European Economic Area (EEA),” Johansson added.