Under the new program, Fintech firms can provide their clients with physical and virtual payment cards without having to spend a lot of time working on their product launch. They need not spend months getting the appropriate certifications, or recruit in-house professionals for business processes required by various card schemes.
Denise Johansson, Co-founder at Enfuce, stated:
“Enabling card issuing for non-licensed fintechs in only eight weeks is groundbreaking. This opens new opportunities for them to offer a more seamless, fun, effortless and most of all secure customer experience in a scalable way.”
The customizable turnkey card issuing service reportedly comes with key enablers like BIN sponsorship, card scheme integration, fraud prevention, and dispute management solutions.
The program is reportedly an extension of an existing partnership between Enfuce and Visa, which began in November 2020 when Visa chose Enfuce to take part in their Fintech Fast Track program. The program lets Enfuce join Visa’s global network of partners and create seamless payment experiences.
Helene Podsadni Nilsson, Head of Fintechs Nordics & Baltics at Visa, remarked:
“We are thrilled to provide increased support and speed to market for the Fintech ecosystem. Collaborating with an enablement partner like Enfuce makes it possible for the Fintechs to build and launch their products effectively on Visa network, and help them grow and scale their business in record time.”
As covered in March 2021, Enfuce had secured €7 million in capital through a Series-B funding round. As part of the round, Enfuce received €5 million in funding from Tencent. Another €2 million that was part of the investment round came from previous investor Maki.
Sweden-based banking challenger Rocker selected Enfuce as its official card issuing and payment processing partner (in May 2020). The move should streamline processes involving the issuance of Visa prepaid cards.
UK-based Featurespace, a firm that focuses on fraud prevention, revealed in early 2020 that Finland’s Enfuce, an Open Banking Fintech, would be using the Featurespace ARIC Risk Hub in order to protect its customers from online security threats.
Enfuce, one of the largest Fintech firms in the Nordic region, raised €10 million (appr. $11 million) via another investment round led by Maki.vc in November 2019. The round included venture debt from Nordea, LähiTapiola, and Finnvera.
The company had said that it would be using the capital raised to expand its operations globally and scale its new sustainability service, called My Carbon Action.
Established in 2016 by Denise Johansson (CEO and co-founder) and Monika Liikamaa (co-founder), Espoo-headquartered Enfuce provides payment and open banking services to traditional banks, Fintech firms, financial services providers, and various merchants.