Fintech startup Bits aims to help tech companies build their financial services
Swedish startup Bits Technology is trying to make it easier for tech companies across the world to manage their money and build financial services. The company has now closed a €1 million pre-seed funding round to help make that goal a reality.
The Bits platform orchestrates and automates the management of other fintech companies infrastructure providers, giving them a low-code experience. The company says this will help product and development teams securely manage and optimize integrations for their solutions.
“Over the years, we have seen an increase in access to service providers that developers can utilise to build their products,” Co-Founder and CEO Jonaton Klintberg said. “What we have witnessed as a result is also a delay in go-to-market stemming from the time-consuming task of building integrations to all of these connections.”
Klintberg and fellow co-founders Robin Lantz and Fredrik Eriksson spent the last decade at successful fintechs and tech companies including Tink, Klarna, AWS and Apple.
Bits envisions faster and more efficient go-to-market timelines
Right now, fintech companies across the world often struggle with streamlining infrastructure workflows. Klintberg says Bits wants to help fintech companies shorten development time by connecting to external service providers through a single integration.
Experts estimate the global open banking market will grow from $15 billion in 2021 to about $48 billion in 2026. Bits is angling for a central role by empowering the people who build fintech products.
European early-stage venture capital firm Cherry Ventures led the funding round, alongside Alliance Ventures, Forward VC, and Greens Ventures. Angel investors with experience from companies like Klarna and iZettle are also now backing the Bits team.
“At Cherry, we are driven to back founders who are simplifying and improving the customer experience,” Cherry Ventures Partner Sophia Bendz said. Bendz is a former executive at Spotify and co-founder of AllBright, and frequently invests in new companies. “We are incredibly excited to work with this super trio who have solid experience in the field and the right background to build this.”
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