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Enfuce Wins eMoney License From British Regulator

Enfuce Raises $9.2M to Expand Embedded Financing in Europe

Finland-based payment processor Enfuce is expanding its operations in the United Kingdom.

The FinTech said in a Tuesday (Feb. 27) press release that it received an electronic money institution (EMI) license from the U.K.’s Financial Conduct Authority, allowing it to provide issuing and payment solutions to new and existing customers in Great Britain.

“Enfuce will now have full control over the entire payment process, ensuring a seamless onboarding experience and providing its U.K. clients a comprehensive and complete Enfuce solution, which is even more secure, efficient and scalable,” the firm said in the release.

In addition to the EMI license, Enfuce also announced Tuesday the appointment of Laurence Krieger as the chair of its U.K. board. Krieger brings with him a wealth of FinTech experience, having served as Tide’s U.K. CEO and chief operating officer at Revolut.

“This is a major step forward for Enfuce,” said Enfuce Co-founder and Co-CEO Denise Johansson in the release. “Our ambition from the start has been to expand our presence across Europe and the world. The U.K. is a key market for us in this endeavor. 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.”

Enfuce first launched in the U.K. in June 2022. In November of last year, the company joined forces with Funding Circle in a collaboration aimed at British small businesses that combines Funding Circle’s financing program FlexiPay with Enfurce’s MyCard service.

“Working with such a reputable British company marks a significant step in our U.K. expansion plans, and we take great pride in furnishing the cards essential to help further drive the U.K. economy,” Enfuce Co-founder and Co-CEO Monika Liikamaa said at the time.

Also in November, Enfuce raised over $9 million to expand into new markets in Europe, including Germany, France and the Benelux region (Belgium, the Netherlands and Luxembourg).

The company also expanded its partnership with Visa in December to launch a new mobility card for customers in Europe, letting them pay for electric vehicle charging.

“Conventional fuel cards designed for fossil fuel fleets lack the flexibility to accommodate EV charging without substantial investment on the issuer’s part,” the companies said at the time.