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Enfuce receives e-money licence to boost UK expansion

Image for Enfuce receives e-money licence to boost UK expansion

The Finnish-founded company levels up its presence in the UK with an e-money licence from the FCA

Enfuce appoints former Tide’s UK CEO and Revolut’s COO Laurence Krieger as the Chairman of the Enfuce UK Board of Directors

London, February 27 2024 – Issuer processing powerhouse Enfuce today announces it has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA). This is a key achievement for Enfuce as it continues to accelerate its expansion across the UK and Europe, where it already holds an EMI licence from the Finnish FSA.

With the FCA’s EMI licence, Enfuce will be able to provide electronic money services as well as card issuing and payment solutions directly to new and existing UK customers. Enfuce will now have full control over the entire payment process, ensuring a seamless onboarding experience and providing its UK clients a comprehensive and complete Enfuce solution, which is even more secure, efficient and scalable.

This announcement comes less than two years after Enfuce’s first launch in the UK in June 2022 and marks an important milestone for the company’s continued expansion into the country. To date, Enfuce has successfully established key strategic partnerships with prominent UK fintech and financial services companies including the leading small business platform, Funding Circle, and UK neo-banking start-up focused on scientific research, Science Card.

The FCA’s EMI licence, which builds on the company’s previous accreditation as an authorised payment institution in Europe, is a testament to Enfuce’s dedication to the highest standards of regulatory compliance. Enfuce has prioritised compliance and security since day one, implementing a state-of-the-art infrastructure, bringing payment processing in the public cloud for the first time ever, and conducting regular audits and monitoring. This commitment is an integral part of Enfuce’s overarching governance strategy that puts Environmental, Social, and Governance (ESG) principles at its very centre.

Denise Johansson, co-founder and co-CEO of Enfuce Group, comments: “This is a major step forward for Enfuce. Our ambition from the start has been to expand our presence across Europe and the world. The UK is a key market for us in this endeavour. The FCA’s seal of approval is not only a testament to Enfuce’s commitment to uphold the highest regulatory standards, but will also provide us with the market access, operational ownership and flexibility that are necessary for long-term growth and success in the ever-changing payments landscape.”

Monika Liikamaa, co-founder and co-CEO of Enfuce Group, said: “Our Nordic values of collaboration, customer-centricity, and integrity drive our commitment to delivering the best products and services for our clients. With the FCA’s licence we can truly bring the entire Enfuce experience to our current and future partners across the UK to allow them to unlock the full potential of their card payments solutions.”

Fernley Blackler, CEO of Enfuce UK, who leads the company’s operations in the UK, added: “We are incredibly proud to have received the e-money licence from the FCA, which is renowned for its tough regulatory standards. The authorisation process for EMIs has become more difficult in recent years, so our approval further confirms Enfuce’s compliance with the highest regulatory standards as well as the trust from the regulator in our business model and management team.

In addition to receiving the FCA’s EMI licence, Enfuce is also strengthening its leadership team with the appointment of Laurence Krieger as the Chairman of the Enfuce UK Board of Directors. Laurence, formerly Tide’s UK CEO and Revolut’s COO, will bring his unparalleled expertise in the fintech and challenger banking industry to support Enfuce in its next phase of growth.

Laurence Krieger, Chairman of the Enfuce UK Board of Directors, commented: “I’m thrilled to be joining Enfuce at a time of significant momentum for the company. Enfuce has been at the forefront of financial services since day one, pioneering payment processing in the public cloud. Receiving the FCA’s EMI licence is an incredible achievement that will play a crucial role in fuelling the company’s ambition to expand its global presence and revolutionise the payment landscape.

For more information:

Nicole Heringer
VP Brand and Communications

About Enfuce

Founded in 2016, Enfuce is a female-founded and led company with a unique vision: to bring the brightest minds and the best technology together to break down the barriers to prosperity.

As a 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 scaleups, 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 €68.5 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, 2022 FF Award for Mobile Payments and the 2023 FF Award for Authentic ESG. 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.