Enfuce, a European Card-as-a-Service (CaaS) platform for card issuing and processing, has raised €45 million in a Series C investment round.

The round was led by London-based investment firm Vitruvian Partners, who have also invested in Marqeta and TransferWise.

Enfuce said the new capital will be used to accelerate their growth internationally as well as for developing its technology platform.

The FinTech’s applications include expense management, neobanking, “fuel cards”, loyalty programmes, as well as corporate and consumer lending.

Its customers include Pleo, St1, Gee Finance, Qred, and Rabobank.

Founded in 2016, Enfuce said it has over 13 million active card users on its platform and that it processes close to €1 billion worth of transactions annually.

The company has also recently expanded its geographic presence in Germany and France.

In addition to Vitruvian Partners, Enfuce is also backed by Chinese tech giant Tencent, Maki.vc, and other early-stage investors.

The investment is subject to regulatory approval.

“The payments industry has seen hyper growth in the last 18 months and 2021 has been a groundbreaking year for Enfuce; since the launch of our CaaS offering we have more than doubled our number of payment customers and accounting rate of return (ARR) whilst also seeing strong pan-European traction,” said Monika Liikamaa, co-founder and chief executive at Enfuce. “We are thrilled to bring onboard an experienced international investor in Vitruvian who have helped scale numerous FinTech companies worldwide.”

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