- Enfuce will partner with Funding Circle to launch its new small business credit card as part of its FlexiPay product
- The FlexiPay card was developed through Enfuce’s MyCard service, a management app that enables companies to launch their own card app, helping streamline the process.
Helsinki, London, November 2023: Enfuce, the leading provider of embedded finance solutions today announces a new partnership with the UK’s leading small business lending platform, Funding Circle, to launch its new small business credit card as part of its FlexiPay product.
FlexiPay is a revolving line of credit that helps small businesses in the UK to spread a wide variety of business costs and manage their short-term cash flow needs. By adding the new business credit card feature, Funding Circle has further expanded its offering to serve more of its customers’ needs, giving small businesses the flexibility to now borrow, pay and spend with Funding Circle.
To support the launch of the FlexiPay card, Enfuce, the award-winning Card-as-a-Service platform is enabling Funding Circle to offer SMEs a physical, secure and flexible business credit card. The FlexiPay card was developed through Enfuce’s MyCard service, a management app that enables companies to launch their own card app, helping streamline the process.
Small businesses can use the business credit card to make upfront payments directly to suppliers, and cover expenses like stock, equipment and energy bills. FlexiPay also comes with a free ‘FlexiPay by Funding Circle’ app, which allows customers to pay bills, schedule payments and manage their line of credit, on the go.
Listed on the London Stock Exchange, Funding Circle has a strong commitment to empowering SMEs, having globally extended credit to over 140,000 businesses, totalling more than £16 billion. The partnership with Enfuce will bolster Funding Circle’s product offering while furthering its mission of backing small businesses with hassle-free lending.
Denise Johansson, Co-Founder & Co-CEO of Enfuce, said: “We’re delighted to partner with Funding Circle to empower SMEs. This collaboration guarantees a steady cash flow and flexible repayment choices to small businesses when they need it the most, offering crucial breathing space for UK SMEs to achieve their full potential in a hassle-free and secure way.”
Monika Liikamaa, Co-founder & Co-CEO of Enfuce, said: “Working with such a reputable British company marks a significant step in our UK expansion plans, and we take great pride in furnishing the cards essential to help further drive the UK economy.”
Jerome Fernandez, Managing Director of FlexiPay at Funding Circle, said: “We’re really excited to have launched FlexiPay to help small businesses manage their cash flow, which we know is one of their biggest pain points. We’ve expanded our offering to meet more customer needs by giving them more ways to spend. We’re pleased to be partnering with Enfuce in launching the card which is another milestone in our ongoing product development journey.”
This announcement follows a successful year of innovation and growth for Enfuce, as the Finnish fintech recently entered the UK market and opened a brand new office in London. Beyond providing its modular card issuing and payment processing solutions, Enfuce also handles licensing, financing, compliance, and fraud management.
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Founded in 2016, Enfuce is a female-led company with a unique vision: to bring the brightest minds and the best technology together to break down the barriers to prosperity.
As the leading global card issuer and payment processor that merges innovation, security, and expertise to create modular, cloud-based payment processing capabilities, Enfuce is one of Finland’s most valuable scale-ups, and is the first financial service provider in the world to be PCI-DSS certified while running its service in the public cloud. By focusing on collaboration, Enfuce is able to efficiently provide customers with cutting edge features – offering in-house experts and white labelled technology to help companies create scalable payment solutions with ease.
Supporting debit, credit, prepaid, gift, fleet and fuel card programmes in any form – for consumer, commercial and B2B applications – Enfuce’s no-nonsense approach helps customers create bespoke payment solutions that are flexible, scalable and secure.
Holding an Electronic Money Institution (EMI) licence from the Finnish FSA, enabling operations across Europe, Enfuce’s PCI-DSS certified platform guarantees 99.999% uptime, global scalability, and card scheme connectivity, supporting various card programs and integration with digital wallets.
Enfuce has raised €62 million in funding rounds, showcasing its industry leadership with recognitions like Visa Fintech Fast Track and Mastercard Lighthouse Development Program participation, as well as winning prestigious awards, such as the 2019 PayTech Award for Best Payments Solution and the 2022 FF Award for Mobile Payments. Propelled by the forward-looking vision of its Co-CEOs and Nordic ingenuity, Enfuce is set to expand globally, shaping the future of payment solutions.
About Funding Circle
Funding Circle is a lending platform for small business borrowers. Established in the UK in 2010, and now the leading lending platform to SMEs, the Group also has a material and growing presence in the US. Globally, Funding Circle has provided £16bn in loans to c.140,000 businesses.
For small business borrowers, Funding Circle provides a leading-edge customer experience, delivered through its technology, machine learning, and data science, coupled with a human touch. Its solutions continue to help customers access the funding they need to succeed. For lending investors, Funding Circle provides access to an alternative asset class in an underserved market, and delivers robust and attractive returns.
For more information, visit: https://www.fundingcircle.com/uk/payments/flexipay/