Enfuce: Pioneering the Future of Payments
Enfuce is making waves in the fintech landscape as a leading global, fully cloud-based card issuer and payment processor. Founded in 2016 by Monika Liikamaa and Denise Johansson, the company has quickly established itself as a formidable player, enabling businesses to issue payment cards for both consumer and business payments. Monika’s journey is particularly inspiring; she transitioned from roles as a prison guard and taxi driver to co-founding a fintech powerhouse, while Denise left her senior position at a Finnish bank to embark on this entrepreneurial adventure.
A Growing Global Presence
Today, Enfuce serves an impressive 16 million cardholders worldwide and processes a staggering €2 billion annually. The company’s success is not just measured in numbers; it is also reflected in its commitment to fostering a diverse and inclusive workplace. With over 120 employees across offices in Finland, Germany, Sweden, and the UK, Enfuce boasts a team that represents more than 20 nationalities, with women holding 50% of managerial roles. This dedication to diversity is a cornerstone of Enfuce’s corporate culture.
Insights from the Founders
In a recent conversation with Monika and Denise, they shared insights about their journey and the current state of Enfuce. “Things are going very well at Enfuce,” they remarked, reflecting on their rapid growth and profitability achieved within just two years of operations. Their focus remains on steering towards profitability again while continuing to be a strategic partner for businesses looking to revolutionize payment flows. The positive feedback from partners has reinforced their belief that they are on the right path.
The founders also highlighted a significant rebranding effort aimed at better reflecting their Nordic identity and collaborative approach. This rebranding coincided with their expansion into the UK market, where they have partnered with innovative companies like Funding Circle to launch credit cards for small businesses.
Commitment to ESG Initiatives
Enfuce’s commitment to environmental, social, and governance (ESG) principles is evident in their operations. The company has signed the Climate Pledge, committing to achieve net zero emissions by 2040. “We recognize our responsibility to the planet and future generations,” they stated. Over the past three years, Enfuce has diligently measured its carbon footprint and has already offset its entire output of 461 metric tonnes of CO2 emissions in 2021. The founders emphasize that meaningful change requires collective action, and they are committed to leading by example.
Navigating Challenges
Scaling a startup is never without its challenges, and Enfuce has faced its fair share. The pandemic posed a significant hurdle, disrupting early sales efforts and customer engagement. However, the company managed to navigate these difficulties and continued to grow during 2019 and 2020. As they scaled from a small team to nearly 150 employees, they encountered inevitable bumps along the way. Monika and Denise view these challenges as learning experiences, emphasizing the importance of resilience and adaptability in overcoming obstacles.
Fundraising Success
Enfuce recently raised €45 million in Series C funding, one of the highest amounts ever for a female-founded startup. The founders attribute this success to their deep understanding of unit economics and their authentic storytelling during the fundraising process. “No one could articulate our story as passionately as we could,” they noted, highlighting the importance of personal engagement with investors. This hands-on approach not only fostered a connection with potential investors but also showcased the strategic vision and execution capabilities of the team.
Empowering Women in Leadership
As female co-founders and CEOs, Monika and Denise are passionate about empowering other women to navigate the challenges of leadership. They emphasize the importance of not being one’s own biggest blocker and encourage women to embrace uncertainty and take calculated risks. Leadership, they assert, is not confined by gender; it’s about being true to oneself and leading with authenticity.
To encourage more women to enter the fintech industry, Enfuce actively engages with communities and educational programs. They participate in initiatives that demystify fintech for young girls, showcasing it as an exciting career option. Internally, the company promotes a culture of diversity and inclusion, ensuring that all employees understand and embrace these values from day one.
The Future of Fintech
Looking ahead, Monika and Denise anticipate a significant shift in the fintech industry towards more sustainable and value-driven financial services. The recent instability in some financial institutions has led consumers to prioritize reliability and trustworthiness over flashy apps. Companies must focus on delivering real value to their existing customers while ensuring sustainable practices.
Enfuce is committed to partnering with like-minded companies that share their vision for positive change. Recent collaborations include launching prepaid payment cards for Ukrainian refugees and developing debit cards dedicated to accelerating scientific research. These partnerships reflect Enfuce’s belief that fintech can contribute to making the world a better place.
Ambitious Goals Ahead
As Enfuce looks to the future, the founders have ambitious plans for growth. They aim to expand their geographical presence and service offerings while continuing to integrate sustainable practices into their operations. “Our journey is not about shortcuts but about building a legacy of positive impact in the world of fintech,” they concluded, embodying their vision of making a meaningful difference, one card swipe at a time.