Finland based fintech company Enfuce has completed its series B round of funding. The company raised €7 million in the round which included a €5 million investment from China-based Tencent.
The remaining €2 million was invested by Maki.vc that had also invested in the company in their Series A round. Back in November 2019, Enfuce received €10 million when they released their carbon tracking app. The funding in November was a mix of equity and debt funding. The providers of venture debt funding were Nordea, LähiTapiola, and Finnvera. In total Enfuce has raised €5 million in their series A and B rounds combined.
What is Enfuce
Enfuce Financial Services is a company that provides SaaS solutions to other fintech companies, banks, financial institutes, and merchants. Their solutions include open banking, payment, and sustainability services. It was established in 2016 and currently, the company employs over 70 people in the Nordic region. The firm has over 10 million end users on its platform.
One of the popular apps released by Enfuce is their My Carbon Action tool. The tool can be used by financial service providers, individuals as well as merchants. It calculated the estimated carbon footprint of each transaction. The calculations are based on country-specific data and an individual's lifestyle choices. The goal is to help users reduce their carbon footprint.
See also: Nigerian FinTech Firm Flutterwave Raises USD 170 Million
What leadership has to say
Commenting on the big investment by Tencent, Enfuce co-founder and current CEO Monika Liikamaa said, "Tencent sees that we will bring new things to payment technologies, especially speed. They’re also interested in the impact we can make through My Carbon Action - our carbon footprint calculator connected to payments.”
What is Tencent
Tencent Holding Ltd, popularly known as Tencent, is a multinational technology conglomerate holding company based in China. It is considered to be one of the most financially valuable companies in the world. Tencent specializes in internet-related services and products. In 2018 the company was valued at over USD 500 billion.
Early on Tencent invested in Riot Games, maker of League of Legends and Epic Games, the company behind the massively popular game Fortnite. Today, it is the world's largest game vendor. Other popular companies Tencent has invested in include Snap. Inc, Skydance Media, and Frontier Developments.
Enfuce to explore M&A opportunities
According to reports, Enfuce plans to use the investment for opportunities in mergers and acquisitions (M&A). The companies goal is to grow the speed at which payments can be processed in Europe as well as the world.
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