(Bloomberg) -- A Finnish payments-processing company Enfuce Financial Services Oy received an electronic money institution license in the UK as it seeks to expand its e-money operations in the country. 

The approval from the Financial Conduct Authority allows Enfuce to start offering electronic money services alongside card issuing and payment solutions to new and exiting customers, according to a statement on Tuesday. It’s already authorized by Finland’s financial regulator to operate as a payment service provider.

Enfuce says it now has “full control” over the entire payment process, less than two years after it started operating in the UK. Initially, it offered a single solution to companies wishing to issue payment cards, and handle licensing, financing, compliance, and fraud management on their behalf. Its strategic partnerships in the UK include fintech and financial services companies, such as Funding Circle Ltd and Science Card Ltd. 

“This is a major step forward,” said Denise Johansson, co-founder and co-chief executive officer. “Our ambition from the start has been to expand our presence across Europe and the world. The UK is a key market for us in this endeavor.”

Enfuce raised €8.5 million ($9.2 million) in equity funding in November. The follow-on round led by Vitruvian Partners LLP came after its €45 million Series C funding round in 2021, which included Tencent Holdings Ltd.

Read More: Vitruvian, Visa Invest in Finnish Payments Fintech Enfuce

Enfuce also appointed Laurence Krieger as chairman of the board, saying that the “unparalleled expertise in the fintech and challenger banking industry” will help the former UK CEO at Tide Platform Ltd and chief operating officer at Revolut Ltd to support its growth.

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