Brite Payments secures $60m funding, eyes international expansion
Swedish fintech Brite Payments has secured $60 million in a fresh funding round led by Dawn Capital, with participation from Headline and existing investor Incore Invest.
Lena Hackelöer, founder and CEO of Brite Payments
Founded in 2019 by Lena Hackelöer, Brite Payments is an instant payments provider that leverages open banking technology to process account-to-account (A2A) payments in real time between consumers and online merchants. It is currently connected to 3,800 banks across 25 countries in Europe.
Brite Payments claims it “more than doubled” its transaction volume and revenue in 2022, leading it to achieve profitability. It also appointed a new CFO and COO in July this year.
With the new funding, it plans to expand geographically, “strengthen” its presence in existing markets, and invest further in product development.
Additionally, it plans to further develop its Brite Instant Payments Network, a proprietary network that facilitates 24/7 “instant” processing throughout the year, claiming “significant advantages” over traditional open banking payments, including full receipt of funds and instant settlement in the currency of the merchant’s choice.
“We see account-to-account payments gaining momentum across Europe, but merchants are still struggling to realise the full potential for their businesses,” says CEO Hackelöer.
“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.”
