Fenige, a fast-growing fintech serving B2B customers, has acquired a new round of funding to further boost its development. In April, private shareholders and WP2 Investments invested an additional PLN 6.5 million in the company. Earlier, Fenige obtained funding from Movens Capital and a group of renowned business angels.
Fenige is a dynamically developing Polish fintech, dealing with implementation of payment technologies for sellers and money transfer systems within Mastercard and VISA payment organizations. It offers acquiring (e-commerce), card to card transfers and card withdrawals. The company is a licensed national payment institution.
– We are looking forward to working with WP2 Investments as our investor. We plan to use the acquired capital to develop current services and launch, among others, our own softPOS, i.e. a point of sale terminal on the phone – says Agnieszka Starosz, Member of the Management Board of Fenige.
– We know about payments, we have our own infrastructure and hold the necessary licenses, and WP2 Investments has ideas and a successively expanded fintech ecosystem under its wings. We hope that this will be a fruitful cooperation and a chance to accelerate our development – adds Karol Lipiński, Member of the Management Board of Fenige.
– Business development around modern, automated payments is one of the fastest-growing segments of the fintech market. More than 2 billion non-cash transactions are carried out worldwide every day, and their value has increased by almost 20 percent annually, crossing the one trillion-dollar threshold the last year. This proves the growth potential of Fenige, taking into account the acceleration of its international expansion, new services on the horizon, and synergies between fintech companies belonging to the WP2 Investments group – comments Wojciech Pysiewicz, one of the two founders of WP2 Investments.
At the same time, the company informs that Marcin Chruściel – an experienced manager with several years of experience in the field of payment cards, banking and payments – is its new CEO since 1 May this year.
In 2021, Fenige processed transactions with a total value of over PLN 1.4 billion, recording an increase of over 400% y2y. The company plans a high growth rate in the subsequent years – and the results for the first four months confirm a very large potential for continuing this trend.
Established in 2021, the WP2 Investments fund invests in scalable businesses from fast-growing industries, including fintech, e-commerce, green energy and biotechnology. The company’s investment portfolio includes several companies – including Da Vinci Green Energy, the NaturalAntibody biotechnology company, and Primetric, which offers programming solutions for software companies. One of the most important investment directions was the creation of a „fintech ecosystem” of mutually supporting companies within the WP2 Investments capital group. The companies forming the WP2 Investments fintech group include, among others Verestro (a fintech as a service platform deployed in 50 banks in 28 countries), Quicko (a card issuer licensed as a National Payment Institution), Digital Ocean Ventures (a venture-building “fintech factory”), Gizmi.io (payments in social media and instant messaging), GoPay (smart city) and Self Learning Solutions specializing in credit risk assessment.