SIBOS: TECHNOLOGY & PAYMENTS
Meet ‘The Enabler’ Enfuce Cofounders Denise Johansson and Niklas Apellud on how Finnish tech is changing the world of payments Enfuce became Finland’s biggest fintech startup by revenue in 2018. In a respectably profitable 12 months, it turned over €4.1million. The universal nature of its services means Enfuce can operate wherever in the world that banking and electronic payment licences are available. That’s pretty much everywhere that uses alternatives to cash. And that is certainly well beyond its dynamic, but comparatively small, home market. The infinitely scalable nature of its cloud-based payment services was one of the reasons that International Smart Card, one of the biggest providers of electronic financial transaction services in the Middle East, renewed and extended an initial one-year partnership with Enfuce. The fintech went
on to successfully conduct the largest card migration in the region of ISC’s entire stock of close to six million cards, all executed remotely from Finland. This was a critical undertaking because ISC’s electronic payment system pays public sector salaries, benefits and pensions to millions of people, providing them access to their cash via its Qi debit card. The contract is a testament to the scale, integrity and fast execution of the services that Enfuce provides, says chief executive officer and cofounder Denise Johansson. “Enfuce is the enabler. We are both hub and integrator,” she explains. “We can enable any player in the payments ecosystem to launch any
service they want. It could be a consumer credit, debit or prepaid card; a corporate or fleet card; or tokenised payments. We have the full range of services and the platform to deliver them.” Chief technology officer and cofounder Niklas Apellund adds: “We’ve enabled payments on a global level for massive organisations, from big banks and financial institutions, and also for the little guys who want to dip a toe into the market and see if a product will fly. If it does, we can scale it for them using our pay-as-you-go business model. All this means we can make seamless payments available for everyone.” Enfuce envisions the volume and variety of payment methods only increasing and with it an expanding role for the company, as Apellund puts it, to ‘enable these players to build an ecosystem because that’s where you make new, improved services, for consumers’.
Global reach: Enfuce helps payment companies expand in and beyond their home territories
Issue 13 | TheFintechMagazine
Fintech Finance presents: The Fintech Magazine Issue 13