Visa enhances partnership with payment processor Enfuce

Enfuce, the female-founded card issuer, merges innovation, security and expertise to create modular, cloud-based payment processing capabilities

Enfuce, the Finnish, female-founded card issuer and payment processor, looks well set for its next phase of growth thanks to a multi-million-dollar cash injection from a consortium including Visa

The US$9.2 million investment round, which comes courtesy of Vitruvian Partners, Visa and, follows Enfuce's US$48.5m Series C funding round initiated in 2021.

It means the issuer processing powerhouse has now raised a total of US$67m. 

The latest strategic investment builds on an already-strong partnership between Visa and Enfuce, and has the potential to propel the latter’s expansion across key European markets such as Benelux, Germany and France.

“Visa’s trust isn’t just a validation of our business; it’s a testament to our significant growth during challenging economic times,” comments Monika Liikamaa, co-founder and Co-CEO at Enfuce.

“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.”

Enfuce: At the forefront of innovation

Established in 2016, Enfuce has grown to be an important player in the payments sector. 

As one of the first fintechs to bring payment processing to the public cloud, Enfuce is the partner of choice when it comes to innovative payments solutions for the likes of Pleo, OKQ8 and Memo Bank

The firm merges innovation, security and expertise to create modular, cloud-based payment processing capabilities, enabling innovative fintechs, banks and non-financial brands to seamlessly provide cards, digital wallets and embedded finance solutions in a hassle-free and secure way.

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. 

However, the challenges faced in creating and managing payment cards has proven difficult for numerous businesses.

To address this, Enfuce offers an all-encompassing solution, handling licensing, financing, compliance and fraud management, thus delivering efficient, end-to-end management of card programmes, making the process more accessible and cost-effective for aspiring companies. 

Today, the business processes around US$2.1bn in transactions annually and has established itself as the go-to strategic partner for revolutionising payments flows and transformative business growth.

Enfuce has received a multi-million dollar investment from a consortium including Visa

Weighing in on his organisation’s recent investment, Philip Konopik, Regional MD for the Nordics and Baltics at Visa, adds: “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 payments ecosystem.”

Visa Fleet 2.0

Following Visa’s investment, Enfuce is now uniquely positioned to deliver the Visa Fleet 2.0 solution to their joint, prospective customers. 

The continued collaboration between Enfuce and Visa is set to revolutionise fleet management across Europe, offering enhanced efficiency through rich data and insights, cost reduction, and a crucial pivot toward sustainable transportation and mobility budgets. 

Unlike traditional closed-loop cards used by most fleet operators worldwide, the Visa Fleet 2.0 solution is not restricted to specific fuel retailers or specific types of product like petrol or diesel, and can be used at any location accepting Visa cards. 

This not only enhances operational efficiency by enabling drivers to choose the most efficient routes and access optimal fuel prices, but also provides unmatched convenience with an all-in-one, fully integrated card, accessible via both physical and digital wallets, thus eliminating the need to carry multiple fuel cards.

“We are proud to lead the European market by being the first to offer the Visa Fleet 2.0 solution to our prospective customers,” says Denise Johansson, Co-founder and Co-CEO at Enfuce. “The card will help issuers right across Europe thrive in the current market, while also equipping them for the fossil-free future.

“Considering the majority of fleet operators are looking to transition to petrol-free vehicles, it's crucial for fuel card issuers to adapt to these changing market dynamics. By offering enhanced flexibility, security and convenience, our new card aims to meet these evolving needs of fleet operators.”


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