Brite Payments has announced a $60m funding round spearheaded by Dawn Capital, a B2B software investor.
The capital injection will serve a dual purpose: to push product development and allow it to expand into new markets. Participation also comes from Headline, Pismo and Incore Invest, who are reinforcing their commitment to Brite’s vision.
Brite, based in Sweden, uses open banking to process account-to-account payments between consumers and online merchants. The benefit of Brite’s approach lies in its simplicity—there’s no need for users to fuss over signups or divulge credit card details. Instead, they authenticate themselves through their bank’s usual identification method.
The heart of this funding endeavor is set to drive further development of Brite’s proprietary network offering, the Brite Instant Payments Network
Founded in 2019 by Lena Hackelöer, Brite has skyrocketed to become one of Sweden’s fastest growing fintechs. Its breakthrough year in 2022, saw Brite double its transaction volume and revenue. Currently, Brite’s services span 25 countries in Europe, facilitating transactions through 3,800 banks and touching more than 350 million consumers.
In a statement, Brite expressed that this successful fundraiser is a “clear sign” that even amidst a funding slowdown, promising fintechs can still secure substantial backing.
Hackelöer, the driving force behind Brite, pointed out the growing momentum of account-to-account payments across Europe. She emphasised that while this payment method is gaining traction, merchants are still grappling with the challenge of fully unlocking potential for their businesses.
In response, Brite has built a complete instant A2A payments and payouts offering that can be plugged into any checkout, while eliminating operational hassles such as managing settlement accounts, reconciliation or dealing with foreign exchange issues.
There are many advantages to A2A payments. They promise operational cost-savings, a smoother customer experience, reduced fraud risk and a welcome absence of chargebacks. On a global scale, A2A payments are expected to record double-digital annual growth over the next five years.
Josh Bell, general partner at Dawn Capital, summarised the significance of Brite’s mission. He noted: “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.”
Image: Brite Payments