Enfuce: Finnish fintech secures UK e-money licence and appoints ex-Tide boss as chair

Finnish card issuer and payment processor Enfuce has announced that it has secured an electronic money institution licence (EMI) from the Financial Conduct Authority, becoming the latest European fintech to eye up the UK market.

The female-founded firm also revealed that it has appointed Laurence Krieger, formerly chief executive of Tide and COO of Revolut, as its chair – touting his “unparalleled expertise in the fintech and challenger banking industry”.

An EMI licence has much lower capital requirements than a full banking licence and gives challenger firms a way to compete with larger incumbents in payment services.

Enfuce, which is already an authorised payment institution in Europe and has a Finnish EMI licence, is now able to provide e-money services, card issuing and payment solutions directly to new and existing British customers.

The firm first launched in the UK in June 2022 and has partnered with the likes of small business finance platform Funding Circle and Science Card, an e-money account provider focused on scientific research.

“This is a major step forward for Enfuce. Our ambition from the start has been to expand our presence across Europe and the world,” said Denise Johansson, the group’s co-founder and co-CEO.

“The FCA’s seal of approval is not only a testament to Enfuce’s commitment to uphold the highest regulatory standards, but 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.”

Fernley Blackler, CEO of Enfuce UK, added: “The authorisation process for EMIs has become more difficult in recent years, so our approval further confirms Enfuce’s compliance with the highest regulatory standards as well as the trust from the regulator in our business model and management team.”

Krieger said securing the EMI licence was “an incredible achievement that will play a crucial role in fuelling the company’s ambition to expand its global presence and revolutionise the payment landscape”.