PaymentGenes supported fintech Enfuce with Benelux market entry strategy

Innovative card issuing company Enfuce brought on board PaymentGenes to help conduct market research and devise the right market entry strategy for its Benelux rollout.

Recognizing the distinct appeal of opening operations in Belgium, the Netherlands, and Luxembourg, Enfuce partnered with PaymentGenes to develop the right approach for its kickstart in the Benelux region.

Enfuce, a leading cloud-based card issuer, enables banks, fintechs, and other non-financial companies to provide cards, digital wallets, and other embedded solutions in easy and secure solutions for their customers. In 2023, the company received €8 million in a follow-on investment round and in 2021, scored €45 million Series C funding.

The collaboration with PaymentGenes provided Enfuce with a comprehensive understanding of the Benelux region’s payment industry, enabling the company to establish a local presence and secure new partnerships. The aim was to fully understand the local context in order to start on the right foot in Amsterdam.

This research included an in-depth analysis covering the evolution of retail payments, key trends, regulations, local issuing processors, and the positions of card schemes in Benelux. Enfuce and PaymentGenes jointly identified several verticals of interest and the specific requirements for card products.

“The right level of understanding allowed us to successfully enter the Benelux region and navigate the region with success,” said Ixa Nembang, Partnership Manager at Enfuce.

Card issuing is the process by which financial institutions provide credit or debit cards to customers, enabling purchases and cash withdrawals. This involves complex systems connecting banks and issuing members through card networks. Besides providing customers with virtual or physical cards, card issuers also manage accounts, authorization limits, and handle issues like fraud.

Enfuce was founded in 2016 in Finland by Monika Liikamaa and Denise Johansson. With offices across Europe, the company currently serves over 16 million cardholders and processes more than €2 billion annually. The two founders champion the role of women in fintech and are proud to employ female leaders in 50% of the company’s managerial roles.

Enfuce offers a 2-in-1 card that functions as both a credit and debit card using the Mastercard system. This sort of ‘combination card’ has become common in the Nordic countries but is still a novelty in other parts of Europe where Enfuce operates, including in the Netherlands.

This is not the first time that Enfuce has tapped PaymentGenes as a consulting partner. Back in 2021, the Finnish company brought in PaymentGenes to help with card scheme solutions, defining products, and addressing regulations and implementation.