Late summer is the perfect time to visit Paris — not just for the warm, sunny weather, the sublime croissants, and exceptional coffee, but also for the unique opportunity to meet some of the most influential voices in fintech.
This time around, my trip to the La Ville Lumière was made even more memorable by a one-on-one conversation with Monika Liikamaa, Co-CEO and Co-Founder of Enfuce, one of Finland’s most successful fintech startups. Amidst the bustling scene of industry leaders and innovators attending Visa’s Payment Forum at La Defense, Monika is always a refreshing source of insight — not only for her role in founding and scaling one of Finland’s most successful fintech startups but also for her clear vision and decisive approach to overhauling the world of payments.
Monika’s thoughts on the current state of fintech were as sharp and insightful as expected. When asked about the most impactful trends in 2024, Monika quickly pointed to the rising prominence of AI.
“There’s a lot of hype around embedded finance, but it’s really just old concepts becoming useful again. The adoption of AI, however, is something truly transformative. We’re already using AI at Enfuce to improve fraud monitoring, KYC processes, and customer service. AI helps us fight human trafficking, detect terrorist financing, and combat money laundering more effectively.”
Monika LiikaMaa
She emphasized how AI, particularly in fraud detection and compliance, is proving to be a valuable tool, helping to identify patterns and risks much faster than traditional methods. “AI is just advanced machine learning. The real power lies in its ability to process massive amounts of data and learn from it. It’s especially effective when it comes to detecting fraud, which is a critical issue in today’s world,” Monika explained. “AI can help businesses, both on the consumer and corporate sides, understand financial behaviors and risks much better than before.”
Beyond AI, Monika touched on other emerging trends in the industry. She noted the significant buzz around account-to-account payments and the ongoing evolution of regulations like PSD3. “I’ve seen PSD from its very beginning, and while the first two versions didn’t deliver on their promises, PSD3 feels like a step in the right direction. It’s designed to give payment institutions better access to banking services, and that’s crucial for the ecosystem’s growth,” she said.
As the conversation unfolded, Monika’s passion for the importance of regulatory evolution and compliance was evident.Living in Europe and the Nordics, we are very compliance-driven. Some see this as a burden, but I believe it’s a strength. If you can make it here, you can make it anywhere,” says Monika Liikamaa.
During our conversation, Monika touched on an often-overlooked aspect of fintech and innovation: human behavior. Drawing from her background and experience, she emphasized the behavioral component that frequently hinders progress, even when the right tools and technology are in place. “Humans are predictable,” she remarked, “we’re herd animals, often acting in systematic ways that aren’t always rational.” Monika pointed out that despite having the technology to drive better decision-making — whether through AI or other advanced tools — people’s natural resistance to change, fear of new technology, or even ingrained habits can slow down adoption. “Tech is never the problem,” she explained, “it’s the people behind it. In the end, politics, fear of mistakes, or simple inertia can be the biggest barriers to doing what’s right or pushing innovation forward.” Her candid reflection on behavioral economics underscored how much fintech, at its core, is about understanding people and finding ways to align their behavior with the solutions that truly serve them best.
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Monika is also realistic about the challenges facing the fintech world, particularly when it comes to partnerships between financial institutions and non-financial entities like retailers and mobility companies. She believes these partnerships are driven by necessity, often because existing payment solutions aren’t tailored to specific industries. “Sometimes, businesses just aren’t good at buying the right solutions, so they try to build their own. But honestly, nothing truly new has been invented in payments since the card schemes came about. It’s all about adapting existing solutions to meet new needs,” she remarked.
Monika’s pragmatic approach to the industry was clear throughout our conversation. When asked about the potential of central bank digital currencies (CBDCs), she responded with cautious skepticism. “I’d love to be proven wrong, but I don’t believe CBDCs will succeed. The central banks are political entities, and they move too slowly to keep up with market forces. Business-driven solutions are always going to be more effective,” she said.
One of the most compelling parts of our conversation was Monika’s deep commitment to using fintech as a force for good, particularly in the fight against human trafficking. “We’re seeing an increase in human trafficking across Europe, and it’s heartbreaking. At Enfuce, we’re leveraging AI and our payment services to help combat this issue. It’s not just about making payments faster or more efficient—it’s about using our technology to do real good in the world.”
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As we wrapped up, Monika shared her excitement about the future. “We’re seeing so many amazing things happening in the Nordics, especially around ESG and sustainability. But we’re too humble about it. We need to stop being apologetic and start exporting our successes to the rest of Europe,” she urged.
Monika Liikamaa’s clarity of thought, combined with her passion for driving meaningful change, makes her one of the most compelling voices in fintech today. At Enfuce, she’s scaling a successful business, while modelling the future of payments in a way that prioritizes compliance, innovation, and social responsibility.