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.
Enfuce Receives UK Regulatory Approval to Expand Services
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.
