Swedish FinTech Open Payments has added €3m in a seed round and will use the cash injection to grow its team and its reach across the European market.
Industrifonden led the round and was backed by existing investors Brightly Ventures, Luminar Ventures, and angel investors also participated. Both Brightly Ventures and Luminar Ventures had supported Open Payments’ €1.9m seed funding round in May 2019.
“Open Payments platform makes it easy for companies to take advantage of the enormous business development potential that open banking entails for small and large companies,” said Anna Ljungdahl, investment manager at Industrifonden. “It is also exciting to find such a strong founding team with long international experience here in the small Swedish market. I look forward to work with a young, agile company that with ingenious technical simplicity gives customers favourable freedom and flexibility in their open banking offerings.”
So far Open Payments established its services in Sweden and Finland with a strong customer base that has built their open banking solutions leveraging Open Payments Platform. The company plan to continue expand into more markets cross Nordics and EU by the end of the year.
It said it has placed itself between other FinTechs and big tech ventures. “I believe that BigTechs will have a big impact on how we perform financial services in the future, but also requires traditional FinTechs, and by bridging the gap between them, we have a great position to offer our customers a flexible solution,” said Jonas Kjellin, founder and CEO at Open Payments.
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