Helsinki-based fintech Enfuce raises €45M in Series C round

Enfuce, a Finnish startup that develops CaaS (Card-as-a-Service) platform, has closed a €45 million Series C investment round led by UK-based Vitruvian Partners. Existing investor Tencent also participated, ArcticStartup reports.

• Founded in 2016 by Monika Liikamaa and Denise Johansson, Enfuce is a cloud-based financial services provider that specializes in modern card issuing and payment processing services. It helps banks, fintech and financial institutions become and remain PSD2 compliant, as well as to give third-party service providers access to digital accounts.
• Enfuce’s CaaS platform provides expense management, neobanks, fuel cards, loyalty programs, as well as corporate and consumer lending for its customers. To date, the startup has over 13 million active users, whose activity results in €1 billion transactions annually.
• According to Crunchbase, the startup has raised a total of $52.6 million in funding over four rounds. The latest was in February 2021. Series C is the largest round for a female-founded fintech in the Nordics this year, Sifted writes.
• The current investor Vitruvian Partners is an international investment firm headquartered in London that specializes in middle-market buyouts, growth buyouts, and growth capital investments worldwide.
• Enfuce will spend the funds raised to further accelerate its international growth — it has recently entered German and French markets. The startup is also planning to use the proceeds for its technology platform development.