Swedish FinTech Brite Payments has successfully secured $60m in a recent funding round led by Dawn Capital, with participation from Headline and existing investor Incore Invest.
With the newly secured funding, Brite Payments is poised for expansion on an international scale. The company’s strategic objectives include strengthening its presence in existing markets and making substantial investments in product development.
Brite Payments, founded in 2019 by Lena Hackelöer, operates as an instant payments provider that harnesses open banking technology to facilitate real-time account-to-account (A2A) payments between consumers and online merchants. Currently, the company boasts connections to 3,800 banks across 25 European countries.
In a remarkable feat, Brite Payments reported more than doubling its transaction volume and revenue in 2022, which ultimately led to achieving profitability. This milestone coincided with the appointment of a new Chief Financial Officer (CFO) and Chief Operating Officer (COO) in July this year.
A significant focus of this expansion effort is the further development of the Brite Instant Payments Network. This proprietary network is engineered to enable 24/7 “instant” processing throughout the year. Brite Payments claims that this network offers “significant advantages” over conventional open banking payments. It ensures full receipt of funds and enables instant settlement in the currency preferred by the merchant.
Lena Hackelöer, CEO of Brite Payments, said, “We see account-to-account payments gaining momentum across Europe, but merchants are still struggling to realise the full potential for their businesses. That’s why we’ve built a complete instant A2A payments and payouts offering that can be plugged into any checkout, while eliminating operational hassles such as settlement accounts, reconciliation or FX.”
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