Finland-based card-as-a-service platform Enfuce has raised €45m in a Series C funding round led by Vitruvian Partners to speed up its growth internationally.

The company’s existing backer Tencent also joined the funding round.

The new capital will also support the development of Enfuce’s technology platform for API-first card issuing and payment processing solutions.

This platform offers features such as expense management, neobanks, loyalty programmes, fuel cards, as well as corporate and consumer lending.

Enfuce co-founder and CEO Monika Liikamaa said: “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 ARR whilst also seeing strong pan-European traction.”

Enfuce co-founder and CCO Denise Johansson added: “We are today powering some of the most innovative fintech and corporate payment solutions on the market and we are very excited to take this success even further together with Vitruvian Partners.”

Set up in 2016, Enfuce counts Pleo, St1, Gee Finance, Qred and Rabobank as customers.

The firm is said to process around €1bn transactions per year for its more than 13 million active card users.

The latest funding round follows Enfuce’s expansion into Germany and France.

Vitruvian Partners partner Jussi Wuoristo commented: “Enfuce has developed an unrivalled CaaS-enabled payment technology platform and has achieved impressive growth since the launch of their offering with ample opportunities in a vast market as the Company continues to take on international scale.

“Vitruvian looks to back exceptional companies with unique technology solutions and we are excited to be working together with Monika and Denise and their world-class team to further strengthen the leading position of Enfuce.”

Meanwhile, in May this year, Nets Group’s Finnish e-commerce specialist Paytrail took over regional peer Checkout Finland, accelerating Nets’ European expansion.

This January, Swedish fintech firm Fidesmo and private bank SEB expanded their alliance to roll out Fidesmo Pay in Denmark and Finland.