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Consortium of Vitruvian Partners, Visa and take stake in Finnish issuer processing powerhouse Enfuce

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Enfuce has secured an €8.5 million follow-on investment round led by Vitruvian Partners, with participation from Visa and

This funding, following Enfuce’s successful €45 million Series C round in 2021, positions the company for continued growth in the enterprise sector, enabling expansion across key European markets and strengthening its collaboration with Visa to provide innovative financial solutions.

Helsinki, Finland, Nov 30, 2023 – Issuer processing powerhouse Enfuce (, announced today an €8.5m follow-on investment round, led by Vitruvian Partners ( with participation from ( and Visa, a world leader in digital payments. This follows Enfuce’s €45m Series C funding round initiated in 2021. Enfuce has raised a total of €68.5m to date.

Founded in 2016, Enfuce has grown to be an important player in the payments sector. Having been one of the first to bring payment processing to the public cloud, Enfuce is the partner of choice for innovative payments solutions for the likes of Pleo, OKQ8 and Memo Bank. As a global card issuer and payment processor that merges innovation, security, and expertise to create modular, cloud-based payment processing capabilities, Enfuce enables innovative fintechs, banks, and non-financial brands to seamlessly provide cards, digital wallets, and embedded finance solutions in a hassle-free and secure way.

This investment is designed to set Enfuce up for its next phase of growth, positioning the business to win in the enterprise segment. Heading into 2024, this will propel Enfuce’s expansion across key European markets, such as Benelux, Germany and France.

Monika Liikamaa, co-founder & co-CEO at Enfuce, comments: “Visa’s trust isn’t just a validation of  our business, it’s a testament to our significant growth during challenging economic times. Since our  inception, we have been committed to rapidly scaling up to ensure the widespread deployment of our  modular, scalable and advanced payment solutions that significantly simplify our customers’ lives. With  Visa’s investment, we will continue to bring our bold vision of shaping the future of embedded finance to life.”

Denise Johansson, co-founder & co-CEO at Enfuce, comments: “This investment represents more than mere financial backing for us. It’s the continuation of an extensive and productive partnership between Visa and Enfuce. Collaboration stands at the core of our Nordic DNA and we’re empowered to continue focusing on uniting visionary minds and cutting-edge technology to create secure, scalable solutions that fuel innovation with the unwavering support of Visa.”

The demand for Enfuce’s award-winning modular issuer processor solutions has skyrocketed in recent years, as more and more companies look to integrate embedded financial products like payment cards in order to stay competitive and attract customers. In fact, the market for embedded finance applications is projected to grow fivefold, from US$54.3 billion in 2022 to US$248.4 billion, by 2032. Yet, the challenges faced in creating and managing payment cards has proven difficult for many businesses.

To address this, Enfuce offers an all-encompassing solution, handling licensing, financing, compliance, and fraud management, thus delivering an efficient end-to-end management of card programs, making the process more accessible and cost-effective for aspiring companies. Today, Enfuce processes nearly €2bn in transactions annually, and has established itself as the go-to strategic partner for revolutionising payments flows and transformative business growth.

Philip Konopik, Regional Managing Director, Nordics and Baltics, Visa, comments: “Visa has been at the vanguard of innovation in payments since its founding in the 1950s. Our open network approach gives partners the wings to fly since they can take advantage of our technology and security to constantly innovate and access best-in-class innovation. This investment in our partner Enfuce, will allow them to grow their current business within issuer processing and BIN sponsorship by accelerating innovation through making Visa’s solutions widely available to the payment’s ecosystem.”

Pirkka Palomäki, founding partner at, comments: “Enfuce’s team, along with their commitment to innovation, has been the center piece of our attention from day one. They have a proven track record of driving industry transformation and creating customer-centric solutions. Their ability to stay ahead of the curve in an ever-evolving financial landscape aligns with our investment strategy to back visionary leaders who can navigate changing markets effectively.”

Jussi Wuoristo, Partner at Vitruvian Partners, comments: “This partnership marks a pivotal moment for Enfuce as it embarks on a journey of global expansion, bringing its innovative card issuing and payment processing solutions to banking, corporate payment, and fintech clients across the world. This aligns perfectly with Vitruvian’s investment philosophy of supporting exceptional companies with groundbreaking technological solutions and vast international growth potential.”

For more information:

Nicole Heringer
VP Brand and Communications

About Enfuce

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 a 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 one of the first financial service providers 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 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.