The Finnish
financial technology company Enfuce Financial Services has secured an
Electronic Money Institution (EMI) license from the UK’s Financial Conduct
Authority (FCA). The regulatory approval enables Enfuce to provide electronic
money services alongside its existing card issuing and payment solutions
directly to customers in the UK market.
With the
EMI license granted on February 27th, Enfuce stated that it now has “full
control over the entire payment process” when serving UK clients. This
spans onboarding, card issuance, transaction processing, and settlement .
The company
framed the license as a “major step forward” in providing a
“complete Enfuce solution” to current and future UK partners that is
“even more secure, efficient, and scalable.”
“This
is a major step forward for Enfuce. Our ambition from the start has been to
expand our presence across Europe and the world. The UK is a key market for us
in this endeavour,” said Denise Johansson, the Co-Founder and Co-CEO of
Enfuce.
A few days ago, BVNK, a financial services provider, also announced it received an EMI license.
Regulatory Approval
Cements the UK Growth Trajectory
Founded in
2016, Enfuce offers cloud-based payment solutions and already holds an EMI
license from the Finnish financial regulator. The latest approval from the FCA
builds on Enfuce’s track record of meeting strict regulatory standards. The company
has established partnerships with UK fintech firms Funding Circle and Science Card
since entering the UK market in 2022. It stated that the EMI license will aid its
continuing expansion in the country as part of wider European growth plans.
“The
FCA’s seal of approval 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,” Johansson added.
Recent Funding Round and
Board Appointment
Enfuce
recently raised €8.5 million in a funding round led by Vitruvian Partners and
appointed former executives from Revolut and Tide to its Board of Directors. The
subsequent funding round, spearheaded by Vitruvian Partners LLP, occurred
following a €45 million Series C investment in 2021 that featured participation
from Tencent Holdings Ltd.
“I’m
thrilled to be joining Enfuce at a time of significant momentum for the
company,” said the newly appointed Chairman, Laurence Krieger, formerly of
Revolut and Tide. “Receiving the FCA’s EMI license is an incredible
achievement that will play a crucial role in fuelling the company’s ambition to
expand its global presence and revolutionize the payment landscape.”
The
regulatory approval and operational control granted by the EMI license will
help the leading Nordic fintech startup deliver on its vision to “expand
globally, shaping the future of payment solutions,” the company stated.
The Finnish
financial technology company Enfuce Financial Services has secured an
Electronic Money Institution (EMI) license from the UK’s Financial Conduct
Authority (FCA). The regulatory approval enables Enfuce to provide electronic
money services alongside its existing card issuing and payment solutions
directly to customers in the UK market.
With the
EMI license granted on February 27th, Enfuce stated that it now has “full
control over the entire payment process” when serving UK clients. This
spans onboarding, card issuance, transaction processing, and settlement .
The company
framed the license as a “major step forward” in providing a
“complete Enfuce solution” to current and future UK partners that is
“even more secure, efficient, and scalable.”
“This
is a major step forward for Enfuce. Our ambition from the start has been to
expand our presence across Europe and the world. The UK is a key market for us
in this endeavour,” said Denise Johansson, the Co-Founder and Co-CEO of
Enfuce.
A few days ago, BVNK, a financial services provider, also announced it received an EMI license.
Regulatory Approval
Cements the UK Growth Trajectory
Founded in
2016, Enfuce offers cloud-based payment solutions and already holds an EMI
license from the Finnish financial regulator. The latest approval from the FCA
builds on Enfuce’s track record of meeting strict regulatory standards. The company
has established partnerships with UK fintech firms Funding Circle and Science Card
since entering the UK market in 2022. It stated that the EMI license will aid its
continuing expansion in the country as part of wider European growth plans.
“The
FCA’s seal of approval 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,” Johansson added.
Recent Funding Round and
Board Appointment
Enfuce
recently raised €8.5 million in a funding round led by Vitruvian Partners and
appointed former executives from Revolut and Tide to its Board of Directors. The
subsequent funding round, spearheaded by Vitruvian Partners LLP, occurred
following a €45 million Series C investment in 2021 that featured participation
from Tencent Holdings Ltd.
“I’m
thrilled to be joining Enfuce at a time of significant momentum for the
company,” said the newly appointed Chairman, Laurence Krieger, formerly of
Revolut and Tide. “Receiving the FCA’s EMI license is an incredible
achievement that will play a crucial role in fuelling the company’s ambition to
expand its global presence and revolutionize the payment landscape.”
The
regulatory approval and operational control granted by the EMI license will
help the leading Nordic fintech startup deliver on its vision to “expand
globally, shaping the future of payment solutions,” the company stated.
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- Source: https://www.financemagnates.com//fintech/payments/enfuce-gets-green-light-for-uk-payments-push/
