Enfuce names PaymentGenes a consulting partner

Nordic payment service provider Enfuce has named PaymentGenes a consulting and implementation partner. 

Finland-headquartered Enfuce is a payment solutions specialist with a flagship cloud-based product that enables financial services companies to issue cards with immediate speed, flexibility, scale and security. This is in addition to a range of open banking and carbon footprint measurement services.

The firm was launched in 2016, and has now grown into a 100-strong operation that serves clients across Europe and the Middle East. Further global expansion is now on the cards, and payments-focused financial services consultancy PaymentGenes has been tapped to support this ambition. 

Experts from Amsterdam-based PaymentGenes will help Enfuce with card scheme selection, product definition, regulation and implementation – all aimed at building a better customer proposition. PaymentGenes joins an expanding roster of consultancies that are helping Enfuce scale up – an ambition that is partly funded by a recent €5 million investment from Chinese tech behemoth Tencent. 

According to Enfuce co-founder Monika Liikamaa, PaymentGenes was a natural choice from a strategic viewpoint. “PaymentGenes and Enfuce share the same outlook and goal of bringing the most value to the customer.” 

“Being in a high growth phase, a collaboration with a partner that sees the world in similar colours is what enables both parties to utilize their capabilities towards providing clients with a new unique, high value service,” added Efuce’s other co-founder Denise Johansson. 

PaymentGenes co-founder and principal consultant Ward Hagenaar acknowledged this common ground between the two firms. “We feel the same drive with the team as similar to the founders from PaymentGenes, they all originate from the payments industry having created their platform with craftsmanship,” he said to Consultancy.org. 

For him, Enfuce’s innovative product suite was a clincher for the partnership. “Our experience with Enfuce originates from a card issuing vendor selection process for a client. We were impressed by their cloud based solution which is uncommon in the cards issuing world. This enables for a short time to market that fits with the needs of our clients for whom issuing is a means and not the end product.”

Together, the pair are looking to support a global payments landscape in flux. Incumbent banks are losing payments market share to innovative, challenger FinTechs that focus on efficiency and customer experience. Add to this the suite of new digital banking solutions emerging from all industry segments, and the market opportunity for Enfuce and PaymentGenes becomes clear. 

This is the second collaboration in quick succession for PaymentGenes. The firm announced a partnership with SaaS-based core banking platform Mambu just earlier this month.