Enfuce – the year 2022 in review

2022 has been another year of major global events and circumstances that no-one could have predicted. We at Enfuce are grateful to have experienced continued growth and constant progress towards our ambitious goals, while doing our part to contribute to solutions for a world in constant transformation.

The year started on a true high for us, as we entered 2022 with a successful Series C funding round behind us, led by Vitruvian Partners, where we raised 45 million euros to fuel our ambitious growth roadmap. We are proud to have achieved one of the biggest female led funding rounds in Fintech in Europe, allowing us to further speed along the Enfuce growth journey. 

In March 2022, after two years of working mainly remotely, all Enfucers got together for a few days of planning and team activities in Levi, Finnish Lapland. These strategy days were one of our personal highlights of the year, as we witnessed the passion and dedication that our people put into building not only a top-notch product but a great place to work. We also discovered our teams’ hidden talent in snowmobiling and ice karting.

To build on our success and reinforce Enfuce’s unique position in the market, we have taken everything we have learned working with clients from different industries, and realigned our product to be more relevant than ever. Our clients get the same top-industry expertise but packaged in a clearer way.

To complement our card and service offering, the year 2022 saw the launch of a number of products that make our clients’ lives easier and customer experience better.

• MyApp is a white-label mobile app with all the features of a modern card management tool. It allows Enfuce clients to move to market with their new payment products packaged into a more complete offering.
• MyEnfuce is a platform that enables Enfuce clients to get started easily and fast with Card as a Service without building their own back-office tools.

Responding to global events unfolding, Russia’s attack on Ukraine, the war and resulting humanitarian crisis, we at Enfuce were quick to respond and look for ways in which we could offer help. In May, Enfuce launched the First Aid Card powered by Visa. This payment card allows organisations and institutions to distribute funds to refugees fast and without the fear of the money ending up in the wrong hands. Our client Welcome.Place has now handed out the first cards to Ukranians arriving in Paris, helping them buy necessities during their first weeks in a new country. We are proud to see that our solutions are making a difference in this way. 

In July we achieved another major milestone, when the Finnish FSA granted Enfuce an Electronic Money Institution (EMI) licence, which we passported across the EEA. Our Card as a Service clients in the EEA now get BIN sponsorship through our own EMI licence, which makes the administration and processes faster and easier for them. 

Summer also saw us open our London office. The UK team now has nearly 20 people, bringing in their experience of the local business environment to support our clients. Later in the year, we further strengthened our ability to support companies across Europe by launching teams in Latvia and the Netherlands, and growing our teams in Finland, Sweden, and Germany. Having seen our team go through a major transformation and period of growth has been a further source of great pride and we are excited about entering 2023 with our expanded Enfuce family as well as a brand new management team to help fuel the success of Enfuce further in the new year. 

Throughout the year, we have learned and grown together with our clients. Each and every client and partner inspires us and drives us to push boundaries and achieve more great things in the future. Some of our highlights have been:

• The launch of virtual and physical cards with Memo Bank to expand their SME banking services into payments.
• The launch of the first biometric payment card in Sweden with our neobank client Rocker.
• The launch of innovative cashback payment cards with the Nordic crypto exchange NBX.
• The card issuing modernisation with the fuel company OKQ8 in their transformation towards sustainable mobility.

While the war and the energy crisis have dominated headlines this year, sustainability remains an important focus area. Working in the financial field, we can contribute to climate action in more ways than people often imagine. In 2022, we have been excited to both witness and drive the central role that the payment industry plays in innovating and advocating for more sustainable lifestyles in both consumer and B2B contexts. 

In addition to supporting our clients towards a greener future, we needed to challenge ourselves in striving towards sustainable business. In 2021, Enfuce became a signatory to the Climate Pledge and committed to achieving net zero carbon emissions by 2040. The year 2022 saw major steps on that path as we published our first Climate Pledge report and worked to build a roadmap towards the ambitious goal.

Last but not least, we were honoured and humbled by the recognitions in some of the most prestigious awards in payments in 2022. Together with our client Pleo, we won ‘the Best Corporate Cards Initiative’ at the PayTech Awards in July. Later in November, our contribution to the mobile payment revolution was recognised when we won the coveted FF Award for Mobile Payments.

We enter 2023 full of excitement and firmly focused on achieving further milestones in the Enfuce success story, in close collaboration with our clients, partners and employees. 

Wishing you all a prosperous year of 2023!

Monika Liikamaa and Denise Johansson & the whole Enfuce team
Co-Founders and Co-CEOs at Enfuce