Stockholm-based fintech startup Brite Payments has raised $60 million in a funding round led by Dawn Capital, with participation from Headline and existing investor Incore Invest. Brite specializes in instant bank payments using open banking technology. The funds will support Brite’s expansion across Europe, strengthen existing markets, and advance product development, notably enhancing its Brite Instant Payments Network (Brite IPN).
Brite Payments, founded in 2019, is a Swedish fintech firm specializing in seamless account-to-account (A2A) payments and payouts using open banking technology. The company caters to various industries, highlighting the benefits of instant bank payments over traditional card-based transactions, including cost savings, enhanced customer experiences, reduced fraud risk, and the elimination of chargebacks. The global A2A payments market is projected to see significant double-digit annual growth in the next five years.
Lena Hackelöer, Founder & CEO, 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. 2022 was our breakthrough year, and with this funding round, we’re ready to accelerate our growth and bring Brite to more markets and checkouts across Europe.”
Josh Bell, General Partner, Dawn Capital, said: “We are on the cusp of open banking 2.0. The prospect of real-time account-to-account payments becoming mainstream across Europe is on the horizon, and Brite stands to be the category leader. We’ve been on the ground in this space from the start, with early investments in Swedish fintech leaders including iZettle and Tink, and we believe Brite is on an equally stellar path. Lena is an extremely impressive CEO with first-rate domain knowledge and the all-round skills to build another market-leading global fintech from Europe. Deploying a driven bootstrap approach, Lena and her talented team have built a company with an impressive product and have rapidly reached profitability – a real feat for an early-stage open banking startup. We now can’t wait to help power Brite onto the world stage.”
Jonathan Userovici, General Partner and Fintech Practice Lead, Headline, said: “Companies like Brite are rare. Laser-focused on execution, they have built a great, real fintech product away from the spotlight. They reached profitability last year by offering a superior merchant and consumer product while quickly growing revenue. Open banking is at an inflection point and the main driver of competition in the financial industry. With Brite, Lena and her team are building the category winner we have been looking for in a space that grows yearly at a double-digit pace.”
Nicolai Chamizo, Partner, Incore Invest, said: “Brite Payments has built the technical foundation for tomorrow’s payments – and I believe they will go from strength to strength as open banking payments continue to gain acceptance. We have been closely aligned with Brite’s vision for instant payments and payouts since the start, and it was a natural step for us to strengthen our position and deepen our commitment as Brite achieves this significant milestone.”
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Originally published on ArcticStartup : Original article