Finland-based Enfuce, a card issuer and payment processor, says it has been approved to operate in the UK with an E-money license (EMI). Frequently, Fintechs in the UK will leverage the license to provide more banking services. The company says this is a key moment in the firm’s existence as it works to expand services across Europe. Enfuce already holds an EMI license in Finland.
The company said it will now directly provide card issuing and payment solutions to UK consumers. Enfuce has been providing services in the UK since mid-2022.
Enfuce co-founder and CEO Denise Johansson explained that their ambition is to expand their presence across Europe and the world.
“The UK is a key market for us in this endeavour. 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.”
Co-CEO and co-founder Monika Liikamaa said the FCA’s licence allows them to unlock the full potential of their card payments solutions.
At the same time, Enfuce said that Laurence Krieger has been selected as the Chairman of the Enfuce UK Board of Directors. Krieger was formerly Tide’s UK CEO and Revolut’s COO. This may foreshadow future neobanking services.
To date, Enfuce has raised €68.5 million in growth capital. The company’s governance strategy puts Environmental, Social, and Governance (ESG) principles at its very center.