2019: The year in review

2019 was a year to remember for Enterpay. The Finnish fintech experienced growth both internally and externally, as well as expanded into new markets.
  • January 16, 2020

The Enterpay team was strengthened substantially in 2019, as the team welcomed 5 new team members this past year. The new team members have already contributed to Enterpay’s recent success and will continue to do so in the new year.

An important factor for most startups’ continuous growth is the need for external funding. In 2019, Enterpay was able to raise $1,1 million, which will, and already has, fuel the international expansion ambitions further in 2020. Enterpay is planning a new funding round in 2020, with more details coming soon.

Perhaps the most exciting news of 2019 was Enterpay’s partnership with VR Payment, a German payment subsidiary of Volksbanken Raiffeisenbanken, who has embraced Enterpay’s solution, which has enabled them to extend and complement its B2B e-commerce services by offering a secure online invoicing payment method and managing the financier risk on behalf of its B2B merchant customers.

Enterpay has entered many exciting dialogues with potential partners in 2019 and expects to be able to introduce several new partnerships in 2020. Although it is a new year, Enterpay’s business model will remain the same: Enterpay is not a competitor for financial institutions and does not stand between the customer and the bank. Instead, Enterpay connects its solution with existing elements, which enables banks to enter a new business area that enhances and automates their involvement without complicating current processes or create additional work.

2019 also contained plenty of memorable events and conferences. Enterpay was handpicked to participate in the Mastercard Lighthouse Program, and among the sixteen participating fintech startups, Enterpay made it to the finale, which was hosted at Slush in Helsinki — the hometown of Enterpay. Here, CEO Jarkko Anttiroiko had the opportunity to present Enterpay’s white-label solution to stakeholders and potential new partners.

CEO Jarkko Anttiroiko at Slush 2019

Enterpay also participated in the PwC Next Level Scale — FinTech Programme. The program included more than 8 weeks of learning and networking through workshops and events and culminated with a presentation of Enterpay’s solution at the final event in Frankfurt in front of decision-makers from the financial services industry.

The many acclamations and successes of 2019 resulted in Enterpay being featured in many national and international business, financial, and fintech news platforms, such as Talouselämä, Finextra, Mobile Payments Today, PYMNTS, Fintech Futures, Financial IT, and Fintech Today.

In 2020, Enterpay expects to have another exciting year, where the product will reach new technical heights and the solution will reach unexplored markets. Enterpay has a clear strategy, with a specific focus on collaboration with banks and PSPs to enter a new area of business and provide additional value for its commercial customers.

Furthermore, Enterpay expects the B2B e-commerce market to explode this year, as all research indicates that B2B will solidify itself as the largest and most valuable e-commerce segment. As technology continues to amplify the competition by diminishing country borders, providing the best customer experience will become essential for surviving for many B2B merchants, and payments can play a deciding factor in the race. By simplifying the B2B payment discipline, more specifically the invoicing process, which generally viewed as time-consuming, risky, and tedious, Enterpay’s decision engine will continue to provide value for every member of the B2B e-commerce value-chain in 2020.