Enfuce raises €45m, led by Vitruvian Partners to transform card issuing

By Joy Dumasia

Enfuce, the Card-as-a-Service platform for modern card issuing and processing, 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 and develop the Company’s leading technology platform.

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. Critical applications include expense management, neobanks, fuel cards, loyalty programmes, and corporate and consumer lending. Notable Enfuce customers include Pleo, St1, Gee Finance, Qred and Rabobank.

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, and other early-stage investors, and Tencent participated in the Series C investment round.

Vitruvian Partners has previously invested in several successful financial services and payment companies, including Marqeta and TransferWise and numerous Nordic champions that have become international successes, including Benify, CRF Health EasyPark, Scrive and Unifaun.

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 on board 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.”