#66: Monika Liikamaa: building one of Europe’s top fintech companies

Enfuce is a fast-growing fintech with a bold goal of becoming the #1 issuer processor in Europe and reach billions in ARR. We sat down with co-founder and co-CEO Monika Liikamaa to talk about what it takes to build a successful startup in a conservative industry: earning trust, hiring top talent, and moving fast while doing the right thing. We also talked about entrepreneurship as a mindset, the stress of building a company, and how small teams can do big things.Learn more:https://enfuce.com/https://generogrowth.com/https://www.linkedin.com/in/monikaliikamaa/(0:00) Introduction(0:30) Fintech and the insight behind starting Enfuce(9:10) Earning trust in a conservative industry(14:37) Why Monika became an entrepreneur(30:33) Building a top team and attracting early talent(42:23) Compliance, fraud, and doing things right(49:15) The future of fintech and reaching 250M€ ARR

Ilkka Kivimäki built and sold a company to SAP, was the first investor and chairman of Wolt, and now runs a 260M€ seed fund. We sat down to discuss everything from startup investing and growth to quantum computing and food innovation.Learn more:https://maki.vc/https://generogrowth.com/https://www.linkedin.com/in/ilkkak1/(0:00) Introduction(0:31) Building a company during the dot‑com crash and exiting to SAP(6:35) Finland’s startup ecosystem(13:00) Becoming an investor and Wolt’s success(18:00) Starting Maki.vc and investing in 50+ startups(23:20) Quantum computing(30:25) Robotics and autonomy(35:55) Innovations in food and material sciences(43:30) Lessons from startups and investing

Pia Lemmetty is an Investment Director at Tesi, Finland’s state-owned investment company. We talk about Finnish startups and scaleups, Finland’s international reputation, and what it takes to attract more talent and capital. We also cover M&A, IPOs and what growth companies can do better when it comes to corporate finance.Learn more:https://tesi.fi/https://generogrowth.com/ https://www.linkedin.com/in/pia-johanna-lemmetty-tarasiuk/(0:00) Introduction(0:35) Pia’s career in investment banking, M&A and venture capital(6:30) What Tesi is and how it operates(13:00) Growth funding and capital availability in Finland(21:45) Finland’s startup ecosystem and international reputation(28:53) Succeeding globally and attracting top talent(37:18) Enabling billion-euro industrial investments(43:18) How growth companies can improve on corporate finance(48:45) M&A as a growth driver(56:50) Should Finland have more IPOs?

SATS is the largest fitness chain in the Nordics, with over 270 gyms and 10,000 employees. CEO Sondre Gravir joined us to talk about creating a great customer experience and strong culture at scale, how SATS continues to innovate, and what it was like leading the company through the lockdowns. We also covered fitness trends, the role of technology, and the impact of gyms on public health.Learn more:https://satsgroup.com/https://generogrowth.com/ https://www.linkedin.com/in/sondregravir/(0:00) Introduction(0:30) Why Sondre joined SATS(3:00) Public health, fitness trends and the Nordic gym market(11:08) Growth drivers and the power of group classes(16:52) Technology, opportunities and limits of digital fitness(21:59) Growing the market as a category leader(24:56) Scaling culture and values across 10,000+ employees(33:19) Covid, lessons learned and what’s next

Voima Ventures is one of the only VC funds in Europe focused only on deep tech. With over 200M€ raised in total, they invest in everything from quantum computing to hormone testing and new biomaterials. Founder and CEO Inka Mero joins us to share how they find and fund world-changing startups, what a great founding team looks like, and how to build a venture fund from scratch.Learn more:https://generogrowth.com https://voimaventures.comhttps://www.linkedin.com/in/inkamero(0:00) Introduction(0:30) What is deep tech?(10:40) What makes startup teams succeed?(18:30) How investors pick and support startups(29:22) Building a successful venture capital firm(36:13) Ambition, timing, and founder mindset(45:10) Biggest challenges and proudest moments(54:06) Poetry and Inka’s new book

Since joining Veritas, Carl Haglund has led the pension company to record-breaking growth in a highly regulated industry. We talk about how he and his team made it happen, the CEO’s role in sales, and how customer experience became their advantage. With Carl’s background in politics and 5B€ in assets under management, we also discuss investing, geopolitics, and why Finland isn’t growing.Learn more:https://veritas.fi/ https://generogrowth.com/ https://www.linkedin.com/in/carl-haglund-30b2172/(00:00) Introduction(00:30) Why Carl joined Veritas(05:45) Transforming a legacy pension company(15:00) Customer experience as a competitive edge(21:42) Selling as a CEO(25:30) Why isn’t Finland growing?(44:00) Investing, macro, geopolitics, and defense

Pernilla Ramslöv is the founder and CEO of NOX, the IT consultancy she built from the ground up into a 500M SEK business. In this episode, we discuss building a strong company culture, how loving leadership and psychological safety drive results, the hidden climate impact of IT, and the threats and opportunities of AI.Learn more:https://generogrowth.com/https://www.noxconsulting.se/https://www.linkedin.com/in/pramslov/ (00:00) Introduction and reflections on 2025(02:32) Building NOX by challenging traditional consultancy models(17:45) Culture, values, and why loving leadership is good for business(35:55) The hidden environmental cost of IT(40:23) AI and opportunities in sustainable tech(46:15) Will AI take our jobs? How to navigate the rapid change

Jussi Kallasvuo is a General Partner at Antler, a global early-stage investor and the world’s most active investor in AI. We talk about what makes a great startup, common founder mistakes, the importance of grit, how AI is fundamentally changing how companies are built, and more.Learn more:https://generogrowth.com/ https://www.antler.co/https://www.linkedin.com/in/jussi-kallasvuo-9748953/(0:00) Introduction(0:45) What is Antler and how it’s different from traditional VC(9:52) How Antler finds top talent from 180,000+ applicants(19:07) Common founder mistakes, problem-first thinking, and business models(36:30) Building startups in Finland vs Sweden and Estonia(45:57) How AI has changed company building

Nordic Business Forum started with evening seminars in Jyväskylä and grew into one of Europe’s leading leadership and business events. We sat down with CEO & Co-founder Hans-Peter Siefen to talk about navigating the pandemic, building an unforgettable customer experience, and what it takes to run a world-class event. Learn more: https://generogrowth.com/ https://www.nbforum.com/ (0:00) Introduction (1:35) The early days of NBF (10:15) Getting Al Gore as a speaker (15:20) Scaling NBF into Europe's top leadership event (20:00) Sales, rejection, and the mindset for success (28:10) Creating an unforgettable customer experience (31:20) Surviving the lockdown (37:45) Virtual, hybrid and in-person events (47:50) Why leadership is difficult and lessons from great leaders

Risto Siilasmaa co-founded F-Secure in 1988 at just 22, and later became Finland’s richest person during the dot-com bubble. As chairman of Nokia, he led the transformation of the company from a struggling handset maker to a global leader in network infrastructure. He has one of the best startup investment track records, with multiple unicorns in this portfolio. In this episode, Risto shares 30+ years of insights on entrepreneurship, leadership, and tech. Learn more: https://generogrowth.com/ https://www.linkedin.com/in/siilasmaa/ (0:00) Introduction (0:55) Starting F-Secure: early challenges and IPO (8:50) The dot-com bubble and how money changes people (24:50) Tough decisions and building resilience (34:20) Nokia: crisis, disruption, and transformation (58:53) Investing in unicorns and how to spot great founders (1:12:35) Future tech trends: AI, quantum computing and clean energy