Brite Payments, a company specializing in instant bank payments, has announced a successful funding round of $60 million. The round was led by Dawn Capital, a B2B software investor, with participation from Headline and existing investor Incore. Brite utilizes open banking to provide businesses with easy-to-integrate, instant account-to-account (A2A) payments and payouts.
This funding round comes after a successful year for Brite. The Stockholm-based fintech, founded by payments executive Lena Hackelöer in 2019, has experienced significant growth and profitability. In 2022, Brite more than doubled its transaction volume and revenue and expanded its presence in 25 European countries, reaching over 350 million end consumers.
The fresh funding will be used to accelerate Brite’s geographic expansion and strengthen its presence in existing markets. Additionally, the company plans to invest further in product development, particularly in the Brite Instant Payments Network (Brite IPN). This proprietary network is the backbone of Brite’s offering, providing 24/7 instant processing throughout the year. Compared to traditional open banking payments, Brite IPN offers advantages such as quick settlement and the ability to receive and settle funds in the merchant’s preferred currency.
The funding round was led by Dawn Capital, known for backing successful Swedish fintech companies like iZettle and Tink. It was also joined by Headline, a global venture capital firm that has supported rapid growth fintechs worldwide. The participation of these major investors, along with existing backer Incore Invest, demonstrates the confidence in Brite’s business fundamentals and growth potential.
Lena Hackelöer, Founder & CEO of Brite Payments, emphasized the increasing popularity of account-to-account payments in Europe and the importance of Brite’s comprehensive offering. She highlighted the elimination of operational hassles such as settlement accounts, reconciliation, and foreign exchange, which can benefit merchants. With this funding round, Brite aims to accelerate its growth and expansion across Europe.
Brite’s instant bank payments and payouts offer advantages over traditional card-based payments across various industries and verticals. These A2A payments, including those facilitated by open banking, result in operational cost-savings, a smoother customer experience, reduced fraud risk, and the elimination of chargebacks. The global A2A payments market is expected to experience double-digit annual growth over the next five years.
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