Brite Payments secures $60 million funding round

Swedish fintech company Brite Payments plans to use the funding to strengthen its presence in existing markets and further develop its Instant Bank Payments Network.

Stockholm - Brite Payments, a European instant bank payments provider, has closed a $60 million (approximately €56 million) funding round. Dawn Capital, a B2B software investor, is leading this round. Existing investors such as Headline and Incore Invest are also participating.

We see account-to-account payments gaining popularity across Europe, but many merchants are still struggling to realize the full potential for their business.

Lena Hackelöer, founder and CEO of Brite Payments

Brite Payments, founded by Lena Hackelöer in 2019, is one of the fastest growing fintech companies in Sweden and could see profitability as early as 2022. The company offers real-time account-to-account (A2A) payments and withdrawals using Open Banking.

We are on the cusp of Open Banking 2.0, with the prospect of real-time A2A payments becoming commonplace across Europe, and Brite will be a leader in this category.

Josh Bell, General Partner, Dawn Capital

Brite plans to use the funding to drive internationalization, expand its presence in existing markets and invest in product development. A key focus is the continued development of the Brite Instant Payments Network (Brite IPN), a network that enables instant, around-the-clock payment processing and offers advantages over traditional open banking payments.

Brite Payments has built the technical foundation for tomorrow's payments - and I am confident that the company will continue to grow in strength as the adoption of open banking payments increases.

Nicolai Chamizo, Partner at Incore Invest

The funding round was led by Dawn Capital, which has invested in Swedish payments companies in the past. Headline, a global VC, and Incore Invest, an early-stage investor, also participated. This shows the continued interest of investors in fintech companies with solid business models and clear growth strategies.