Brite Payments scores €57M to accelerate service expansion in Europe

Brite Payments. Image credit: Press.

Brite Payments, the Swedish startup aiming to simplify and streamline payments, has raised €57 million in funding to accelerate geographic expansion, strengthen its presence in existing markets, and invest further in product development.

Brite uses open banking to provide businesses with easy-to-integrate, instant account-to-account (A2A) payments and payouts. Today, its offering is available in 25 European countries through connections with 3,800 banks, reaching more than 340 million end consumers.

The new capital will accelerate Brite’s expansion into new markets and allow it to invest further in product development. Notably, the company plans to invest in its proprietary Brite Instant Payments Network (Brite IPN), which facilitates 24/7 instant processing 365 days a year, taking full receipt of funds on behalf of merchants and settling them in the currency of their choice.

“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,” said Lena Hackelöer, Brite founder and CEO.

Dawn Capital, an early backer of other Swedish fintech leaders, including Zettle and Tink, led the funding round. Headline, a global venture capital firm that backs high-growth fintechs worldwide, also participated in the round. Brite’s existing backer, Incore Invest, also invested further in the company.

Disrupting traditional banking with A2A payments

The A2A payments market is growing rapidly, driven by the increasing adoption of digital payment solutions and the rising demand for instant transactions. Brite’s innovative approach positions it well to capitalise on this trend and disrupt the traditional banking sector.

Founded in 2019, Brite uses cutting-edge technology, including artificial intelligence and machine learning, to facilitate instant and seamless P2P transactions. The startup’s platform is designed to be simple and convenient, with an intuitive interface that allows users to send and receive money with just a few taps on their smartphones.

Brite also prioritises security and privacy, employing robust encryption protocols and multi-factor authentication to safeguard users’ financial information.

The startup has seen rapid growth in recent years, doubling its transaction volume and revenue in 2022 and becoming profitable. Over the past year, Brite has expanded its open-banking instant payments network to Finland, Denmark, and the Baltics.

Brite’s funding round comes at a time of growing interest in instant payments across Europe. The European Payments Council (EPC) has set a goal of making instant payments available to all consumers and businesses in the eurozone by 2025.

Techarenan News/Monok

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