European Card-as-a-Service (CaaS) platform Enfuce has raised EUR45 million in a Series C round.
The round was led by growth investor Vitruvian Partners, with participation from Tencent, a statement from the company said.
The funding will be used to drive global growth and boost the development of the company’s technology platform.
The 2016-founded card issuing platform has more than 13 million active card users, with Enfuce processing nearly EUR 1 billion in transactions annually.
More recently, the company expanded its presence to Germany and France as well.
Enfuce claims to be the first fintech company in Europe to run a card issuing platform fully in the cloud.
Key applications of its solution include expense management, neobanks, fuel cards, loyalty programmes, and corporate and consumer lending.
Some of the company’s customers include Pleo, St1, Gee Finance, Qred and Rabobank.
“The payments industry has seen hyper growth in the last 18 months and 2021 has been a groundbreaking year for Enfuce; since the launch of our CaaS offering we have more than doubled our number of payment customers and ARR whilst also seeing strong pan-European traction.
We are thrilled to bring onboard an experienced international investor in Vitruvian who have helped scale numerous fintech companies worldwide,”
said Monika Liikamaa, Co-founder and CEO of Enfuce.
Featured image: Enfuce (L-R Co-founders Denise Johansson and Monika Liikamaa)
