In the bustling corridors of Money20/20 in Amsterdam, the air was thick with anticipation and innovation. Amidst this dynamic backdrop, Enfuce illuminated a vision for fintech that transcends mere financial transactions.
Monika Liikamaa and Denise Johansson, the co-CEOs and co-founders of Enfuce, shared their insights with us in a post-event interview, revealing a profound commitment to integrating ESG principles into the core of their operations, and setting a new benchmark for the industry through tangible, actionable change.
“As we grow even further, we will continue to raise the bar and inspire industry-wide change” they emphasized. A declaration which is more than aspirational—it’s a roadmap for how fintech can address pressing global challenges through innovation and a steadfast commitment to ESG principles.
On The Role of Fintech in a Sustainable Future
Fintech, traditionally viewed through the lens of financial transactions and efficiency, is now being reimagined as a vehicle for broader societal change. The co-CEOs of Enfuce articulated this vision clearly: "Fintech isn’t just about numbers and transactions. We think that fintech can truly change lives and tackle the world’s biggest challenge by leveraging technology." Their statement clearly underscores their belief that fintech has the potential to address global challenges through innovation and technological advancement.
In fact, Enfuce's commitment to ESG principles is evident in their strategic initiatives. They have been proactive in promoting financial inclusion and environmental sustainability, evidenced by their participation in The Climate Pledge and their selection by the UN Global Compact Network Finland to join the prestigious SDG Ambition programme. "At Enfuce, ESG is our guiding principle. We’re already raising the bar through our high-impact initiatives," they stated, highlighting their dedication to driving positive environmental change.
Innovation in Action: The CO2 Calculator
One of the standout innovations discussed was the integration of a CO2 calculator into commercial cards. This initiative, developed in partnership with Siminn Pay and Deedster, is a testament to Enfuce's culture of value-driven collaborations. "By integrating CO2 trackers into payment cards, we're giving people the power to monitor and understand their carbon footprint more easily," they explained. This innovation is not just about tracking carbon emissions; it represents a shift towards empowering consumers to make informed decisions and positively impact the environment.
The partnership with Deedster, which began in 2023, reflects Enfuce's long-term commitment to ESG principles in the payments space. "While Siminn Pay is our first client to integrate Deedster’s CO2 tracker, our collaboration with Deedster dates back to 2023," the co-CEOs noted, emphasizing the strategic and collaborative approach that drives their innovations.
Beyond Carbon Tracking: Promoting Social Equity
Enfuce’s commitment to sustainability extends beyond environmental concerns to include social equity and inclusive growth. They have launched several initiatives aimed at promoting financial inclusion. "Our 'First Aid' cards for Ukrainian refugees in France, launched with Welcome.Place and Visa, and our prepaid cards launched in collaboration with the Finnish State Treasury, are prime examples," they highlighted. These initiatives ensure that financial services are accessible to underserved communities, fostering social equity and inclusive growth.
Moreover, Enfuce is actively involved in combating financial crime. "As payment providers, we're on the front lines against money laundering, fraud, and human trafficking," they stated. Their cutting-edge fraud prevention solutions safeguard millions of transactions annually, contributing to a safer and fairer global economy, and ultimately showing the critical role fintech can play in ensuring financial security.
Preparing for the Future: The Next Frontier for ESG
Looking ahead, Likamaa and Johansson foresee AI playing a pivotal role in enhancing the accuracy and impact of tools like the CO2 calculator. "No doubt about it, AI is changing the game. We're already witnessing its ability to increase efficiencies in businesses, and here at Enfuce, it's no exception!" they remarked. AI's potential to provide deeper insights into consumer behavior and streamline ESG reporting is seen as a game-changer. "We can anticipate AI providing people greater insights into their spending and CO2 emissions as well as streamlining and enhancing ESG reporting," they added, highlighting the transformative potential of AI in promoting sustainability.
The co-founders also discussed the future challenges and opportunities for ESG in fintech. "The next frontier for ESG in fintech will be the seamless integration of sustainable practices throughout all aspects of business," they asserted. Achieving this seamless integration is no small feat, but Enfuce is prepared to lead the charge. Their work with the UN Global Compact Network Finland is central to developing industry-leading sustainable and socially responsible policies.
Enfuce’s strategic collaborations are designed to amplify their impact and encourage widespread adoption of ESG principles. "Our partnerships with Deedster and Siminn Pay are about making a collective impact and encouraging others to implement solid ESG principles and practices," they explained. These collaborations reflect Enfuce's broader vision of leading by example and fostering industry-wide change.
Leaving a Legacy of Sustainability
Looking ahead, Enfuce aims to leave a lasting legacy in the fintech industry regarding ESG and sustainability. "We’re on a mission to set higher standards for ourselves and the industry, inspiring action through innovation," they declared. Their efforts are not confined to the realms of payments and finance; they aim to influence a wide range of sectors. "Through our awareness campaigns, impact-driven initiatives, and value-driven partnerships, we’re leading by example and helping to create a more sustainable and equitable future across all areas of ESG," they concluded.
Conclusion
In the grand, ceaseless churn of progress, there lies an opportunity—a chance to redefine what it means to be at the intersection of finance and ethics.
Enfuce, with their bold and unapologetic embrace of ESG principles, has embarked on this mission with fervor, imbuing the wave of fintech innovation with purpose and direction. They see fintech not just as a tool for profit but as a catalyst for profound societal transformation, proving that the amalgamation of financial prowess and ethical stewardship is not just possible but imperative.
