In the busy corridors of Money20/20 in Amsterdam, there is a sense of anticipation and innovation in the air. Against this vibrant backdrop, Enfuce articulated a vision of FinTech that goes beyond mere financial transactions.

Monika Liikamaa and Denise Johansson, Co-CEOs and Co-Founders of Enfuce, shared their insights with us in a post-conference interview, demonstrating a deep commitment to embedding ESG principles at the core of their operations and setting a new benchmark for the industry through practical change.

They emphasized, "As we grow further, we will continue to raise the bar and inspire change across the industry." This declaration is more than an aspiration; it is a roadmap for how FinTech can address pressing global challenges through innovation and a strong commitment to ESG principles.

On FinTech's role in a sustainable future

Traditionally, FinTech has been seen as a product of financial transactions and efficiency, but it is now being redefined as a vehicle for driving broader societal change. the co-CEOs of Enfuce clearly articulate this vision: "FinTech is about more than just numbers and transactions. We believe that fintech can truly transform lives and leverage technology to tackle the world's biggest challenges." Their statement clearly emphasizes their belief that FinTech has the potential to address global challenges through innovation and technological advances.

Indeed, Enfuce's commitment to ESG principles is evident in their strategic initiatives. They actively promote financial inclusion and environmental sustainability, as demonstrated by their participation in the Climate Declaration and their selection by the UN Global Compact Finland Network to join the prestigious Sustainable Development Goals program. "At Enfuce, ESG is our guiding principle. We have raised the bar through high-impact initiatives," they say, emphasizing their commitment to driving positive environmental change.

Innovation in action: the CO2 calculator

One of the standout innovations discussed was the integration of a CO2 calculator into commercial cards. This program, developed in partnership with Siminn Pay and Deedster, is a testament to Enfuce's culture of value-driven collaboration. They explained, "By integrating CO2 trackers into payment cards, we're making it easier for people to monitor and understand their carbon footprint." This innovation goes beyond tracking carbon emissions; it represents a shift in empowering consumers to make informed decisions and have a positive impact on the environment.

The partnership with Deedster, which begins in 2023, demonstrates Enfuce's long-term commitment to ESG principles in payments. "While Siminn Pay was our first customer to integrate Deedster's CO2 tracker, our partnership with Deedster dates back to 2023," noted the co-CEO, emphasizing the strategic and collaborative approach that drove its innovation.

Beyond carbon tracking: promoting social equity

Enfuce's commitment to sustainability goes beyond environmental issues to include social equity and inclusive growth. They have launched several initiatives aimed at promoting financial inclusion. They emphasize, "Our 'First Aid' card for Ukrainian refugees in France, launched in partnership with Welcome.Place and Visa, and our prepaid card with the Finnish State Treasury, are prime examples." These initiatives ensure that financial services reach underserved communities, promoting social equity and inclusive growth.

In addition, Enfuce is actively involved in the fight against financial crime. They state, "As payment providers, we are on the front lines of the fight against money laundering, fraud and human trafficking." Their advanced anti-fraud solutions protect millions of transactions each year, contributing to a safer and fairer global economy and ultimately demonstrating the critical role FinTech can play in ensuring financial security.

Preparing for the future: ESG's next frontier

Looking ahead, Likamaa and Johansson anticipate that AI will play a key role in improving the accuracy and impact of tools such as CO2 calculators. "There is no doubt that AI is changing the game. We've already witnessed its ability to improve the efficiency of organizations, and at Enfuce it's no different!" They commented. The potential for AI to provide deeper insights into consumer behavior and streamline ESG reporting is seen as a game changer. "We can expect AI to provide deeper insights into consumption and CO2 emissions and simplify and enhance ESG reporting," they added, emphasizing the transformative potential of AI to promote sustainability.

The co-founders also discussed the future challenges and opportunities facing ESG in the fintech space. They asserted, "The next frontier for ESG in FinTech will be the seamless integration of sustainable practices into all aspects of the business." Achieving this seamless integration will never be easy, but Enfuce is ready to lead the way. Their partnership with the United Nations Global Compact Finland network is critical to developing industry-leading sustainability and social responsibility policies.

Enfuce's strategic cooperation is aimed at expanding their influence and encouraging the widespread adoption of ESG principles. They explain, "Our cooperation with Deedster and Siminn Pay is designed to have a collective impact and encourage others to implement sound ESG principles and practices." These collaborations reflect Enfuce's broader vision of leading by example and promoting change across the industry.

Leaving a sustainable legacy

Looking ahead, Enfuce aims to leave a lasting legacy for the FinTech industry in terms of ESG and sustainability. They declare, "Our mission is to set higher standards for ourselves and the industry, inspiring people to take action through innovation." Their efforts are not limited to payments and finance; they aim to impact a wide range of industries. They conclude, "Through our awareness campaigns, impact-driven initiatives, and value-driven partnerships, we lead by example to help create a more sustainable and equitable future across all areas of ESG."

Conclusion

In the midst of ambitious and sustained progress lies opportunity - an opportunity to redefine the intersection of finance and ethics.

Enfuce has boldly and firmly embraced the principles of ESG and taken up this mission with passion, injecting purpose and direction into the wave of FinTech innovation. They see FinTech not just as a profit-making tool, but as a catalyst for profound social change, proving that the convergence of financial strength and ethical stewardship is not only possible, but imperative.