Tencent backs payment services innovator Enfuce in Series B funding round and appoints Dr. Ling Ge, Chief European Representative at Tencent, to Enfuce’s Board of Directors for strategic guidance as the Nordic fintech scales to Europe as well as globally.
Nordic-based card issuing and payment processing services pioneer Enfuce has raised €7M in Series B funding led by Tencent’s €5M investment, welcoming the strong global VC with a diverse digital portfolio to the investor team.
One of Enfuce’s prior investors Maki.vc invested the other €2M, bringing the total amount raised by the company to €15M. Apart from Maki.vc, the company has been previously supported by a mix of debt and VC financing from multiple Finnish investors: Nordea, LähiTapiola, and Finnvera.
Enfuce, with their global customer base spanning 16 countries and counting, has already established itself as a trusted, knowledgeable, and experienced provider of innovative payment, open banking, and sustainability services for corporates and fintech SMEs. It is this unique combination of card issuing and value-adding services that caught Tencent’s eye. The strong team of founders and experts behind the brand strengthened the global VC’s trust in Enfuce as a solid investment opportunity.
“In this investment, it was very important to us that Dr. Ling Ge now has joined our Board of Directors. Tencent sees that we will bring new things to payment technologies, especially speed. They’re also interested in the impact we can make through My Carbon Action – our carbon footprint calculator connected to payments.”
Monika Liikamaa, Co-Founder & CEO at Enfuce
Dr. Ling Ge is a seasoned technology professional with a PhD in Quantum Computing from Oxford University, and she has developed executive management expertise in both academic and business settings over the course of her career. Dr. Ge is currently driving Tencent’s European presence as the London-based Chief European Representative & General Manager, responsible for strategic partnerships with multiple private and public sector stakeholders, including tech companies, universities, and government bodies across the EU.
Dr. Ge envisions Enfuce to positively change the global payment industry in the coming years.
“We are excited to be part of the Enfuce journey as they set out to revolutionize the payment industry. With the team’s industry knowledge and capability, we believe it will make advancement and bring even more benefits to the industry in future.”
Dr. Ling Ge, Chief European Representative and General Manager at Tencent
With the investment, Enfuce is set to gain more growth in Europe as well as globally, and explore the opportunities of company acquisitions to speed up growth.
“Since the beginning, we have set the ambitions to scale globally, and the latest investment into Enfuce is the first step towards that goal”, says Denise Johansson, Co-Founder & COO at Enfuce.
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Enfuce offers payment, open banking and sustainability services to banks, fintechs, financial operators, and merchants. By combining industry expertise, innovative technology and compliance, Enfuce delivers long-term and scalable solutions quickly and securely. Founded in Finland, Enfuce recently expanded its geographic presence in Germany and France and has over 13 million active card users on their platform from whom Enfuce processes close to €1 billion transactions annually.
Enfuce has raised multiple rounds of venture capital funding and has been recognised by e.g. TheFinTech50, Visa Fintech Fast Track programme, Mastercard Lighthouse Development Programme, Deloitte Technology Fast 50, and as winner of the 2019 PayTech Award for “Best Payments solution for Payment Systems in the Cloud”.
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