Swedish FinTech Open Payments raises €3m growth round

Swedish FinTech Open Payments raises €3m growth round

Open Payments, a Swedish FinTech company, has collected €3m in a growth funding round led by Industrifonden, Sweden’s venture capital fund.

Also joining the round was Sony Financial Ventures – Global Brain’s venture capital fund.

With the fresh capital, Open Payments hopes to scale its business and product development efforts, as well as expand into Europe.

Open Payments claims to be one of the leading open banking platforms in the Nordics with a focus on B2B transactions. Its platform empowers online banking functionality to be shifted from the online bank to the customers’ business systems and interfaces, allowing the end user to approve direct payments without logging into their online bank.

Additionally, the platform connects to commercial banks via APIs to enable payments, account reconciliation and cash management for embedding directly in client applications like ERP systems, payment providers and FinTechs.

Open Payments CEO and founder Louise Brandt said, “We see an increasing demand from leading accounting and ERP systems and other financial systems that want to utilise Open Banking in their products in a secure and reliable way.

“Above all, they want to be able to provide various payments for their business customers, such as supplier payments and salary payouts. Open Payments has a cutting-edge expertise in this area and there are vast business opportunities for both us and our customers. We see that b2b payments are part of the Open Banking space where we have a first mover advantage and can take the lead internationally.”

Customers of Open Payments include accounting and ERP systems providers and tech companies.

In other PayTech news, Zenus Bank, a digital bank that allows people to open US bank accounts around the world, acquired real-time payments company Financial Urban Exchange.

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