Spotting Toxic Investors and Building Diverse Teams: Lessons from Enfuce Founder Monika Liikamaa

About this episode

As the founder of a successful fintech with over 100 employees and 60+ million euros in funding, Monika Liikamaa from Enfuce has learned some hard lessons. In this live podcast, she shares her insights on two critical topics: How to spot toxic investors early and how to build truly diverse teams.

Why Diversity Is More Than Just a Buzzword

For Monika, diversity isn't a marketing gimmick—it's a real competitive advantage. "Diverse teams make better decisions and are more innovative," she explains. At Enfuce, she's experienced firsthand how different perspectives lead to better product decisions and a stronger company culture.

The positive impact of diversity shows up concretely:

• –Better problem-solving approaches through different ways of thinking
• –Higher innovation capacity within teams
• –Better understanding of diverse customer needs
• –Greater resilience during difficult phases

Recruiting Beyond the Perfect CV

A central point in Monika's recruiting philosophy: The CV isn't everything. "We look much more at potential and personality than at the perfect career path," she emphasizes. This approach opens doors for candidates who might traditionally be overlooked.

What should you focus on in the application process when the resume isn't decisive?

• –Problem-solving skills in practical tasks
• –Willingness to learn and adaptability
• –Cultural fit and value alignment
• –Communication skills and teamwork
• –Motivation and passion for the product

This approach requires more effort in the recruiting process but pays off long-term through stronger teams.

Toxic Investors: Recognizing Warning Signs

Not all money is good money—a lesson many founders learn the hard way. Monika shares her experience on what toxic traits in investors you should recognize early.

Red flags with potential investors:

• –Unrealistic expectations without industry understanding
• –Lack of transparency in communication
• –Pressure for quick, unconsidered decisions
• –Missing support during difficult phases
• –Excessive control without added value

Due diligence should work both ways. "As a founder, you need to examine your investors just as thoroughly as they examine you," Monika advises. Talk to other portfolio companies, understand their working style, and check if the chemistry is right.

Practical Implementation for Your Startup

Monika's experiences can be concretely applied to your own startup:

For diverse recruiting:

• –Review your job postings for unconscious bias
• –Use different recruiting channels
• –Structure interviews to reduce bias
• –Evaluate soft skills as much as hard skills

For investor selection:

• –Conduct reference calls with other founders
• –Test communication during stressful situations
• –Understand their expectations and time horizon
• –Check what operational support they offer

Enfuce's Journey as Inspiration

With over 100 employees and successful funding rounds, Enfuce demonstrates that these principles work in practice. The Finnish fintech has proven that diverse teams and the right investor selection are crucial for sustainable success.

Monika's experiences make it clear: Both in team building and investor selection, it's about long-term partnerships. The time you invest in making the right choices pays off many times over—while bad decisions can cost you years.

Building for the Long Term

Building a successful startup is a marathon, not a sprint. Having the right people by your side—both in your team and as investors—makes the difference between success and failure.

The lessons from Enfuce show that success isn't just about having a great product or raising money. It's about building sustainable relationships with people who share your vision and can support you through the inevitable ups and downs of the startup journey. Whether you're hiring your first employee or closing your Series A, these principles will serve you well.