Finnish issuer processor Enfuce has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA) in a bid to boost its UK presence.
With the UK licence in hand, Enfuce will be able to provide electronic money services as well as card issuing and payment solutions directly to new and existing UK customers. Additionally, it says it will have “full control” over the entire payment process, ensuring a “seamless” onboarding experience for its UK clients.
Enfuce had begun operations in the UK in June 2022 and has since entered into strategic partnerships with UK-based fintech and financial services firms including SME platform Funding Circle and neobank start-up Science Card.
The company holds a licence in Europe, issued by the Finnish FSA.
“This is a major step forward for Enfuce. Our ambition from the start has been to expand our presence across Europe and the world,” said Denise Johansson, co-founder and co-CEO of Enfuce Group.
“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.”
UK chairman appointed
In addition to securing the licence, Enfuce has also bolstered its leadership team with the appointment of Laurence Krieger as the chairman of the Enfuce UK board of directors.
Krieger brings more than 25 years of work experience to his new role. He previously served as CEO of Tide UK, and was also chief operating officer (COO) at Revolut. He worked as a board advisor for Enfuce between June 2022 and August 2023, and according to his LinkedIn, he is also currently the CEO of a digital banking start-up since April 2022.
“I’m thrilled to be joining Enfuce at a time of significant momentum for the company,” Krieger said.
“Enfuce has been at the forefront of financial services since day one, pioneering payment processing in the public cloud. Receiving the FCA’s EMI licence is an incredible achievement that will play a crucial role in fuelling the company’s ambition to expand its global presence and revolutionise the payment landscape.”
Founded in 2016 and headquartered in Espoo, Finland, Enfuce offers in-house experts and white-label technology to help companies create scalable payment solutions, supporting debit, credit, prepaid, gift, fleet and fuel card programmes for consumer, commercial and B2B applications. So far, the company has raised €68.5 million in funding.
