Swedish account-to-account payments provider Brite Payments has successfully raised $60 million in new funding to further its expansion across Europe.
In 2022, Brite more than doubled its transaction volume and revenue, achieving profitability. Its services are currently available in 25 countries throughout Europe, connecting with 3,800 banks and reaching over 350 million end consumers.
Over the last year, the bootstrapped startup has expanded its open-banking powered instant payments network into neighboring countries, including Finland, Denmark, and the Baltics. The new capital will be used to accelerate geographic growth and enhance product development.
A significant portion of the funding will be directed towards the advancement of the Brite Instant Payments Network (Brite IPN), a proprietary network that enables 24/7 instant processing all year round, providing full receipt of funds for merchants and allowing them to settle in their preferred currency.
The investment round was led by Dawn Capital, an early investor in notable Swedish fintech companies like iZettle and Tink. Joining the round was Headline, a global VC firm known for supporting fast-growing fintechs such as Pismo, the Brazilian payments infrastructure provider. Existing backer Incore Invest also reinforced its involvement in Brite.
Lena Hackelöer, founder and CEO of Brite Payments, stated: “We see account-to-account payments gaining momentum across Europe, but merchants are still struggling to realize their full potential. That’s why we’ve developed a comprehensive instant A2A payments and payouts solution that integrates seamlessly into any checkout while eliminating operational challenges like settlement accounts, reconciliation, or FX. 2022 was our breakthrough year, and with this funding, we’re poised to accelerate our growth and expand into more markets and checkouts across Europe.”
Dawn Capital is optimistic about Brite’s future, having created a dedicated $700,000 fund to support early-stage B2B startups in Europe.
Josh Bell, general partner at Dawn Capital, remarked: “We are on the brink of open banking 2.0. The potential for real-time account-to-account payments to become mainstream across Europe is emerging, and Brite is positioned to be the category leader. We have been actively involved in this space from the beginning, investing in Swedish fintech pioneers like iZettle and Tink, and we believe Brite is on a similarly impressive trajectory.”