Sweden’s Brite Payments raises $60m led by Dawn Capital
By Gloria Methri
Brite Payments has announced a $60 million funding round led by B2B software investor Dawn Capital, joined by Headline and existing investor Incore. Brite leverages open banking to offer businesses easy-to-integrate, instant account-to-account (A2A) payments and payouts.
Brite will use the fresh funding to accelerate its geographic expansion, strengthen its presence in existing markets, and invest further in product development.
The capital will also drive further development of the Brite Instant Payments Network (Brite IPN); a proprietary network that is the backbone of the company’s offering. Brite IPN facilitates 24/7 instant processing and offers advantages over traditional open banking payments – including taking full receipt of funds and settling them rapidly on behalf of merchants, in the currency of their choice.
The round was led by Dawn Capital, an early backer of other Swedish FinTech category leaders, including iZettle and Tink. The funding round was joined by Headline, a global VC firm that has backed rapid growth FinTechs around the world, including Pismo, the Brazilian payments infrastructure provider.
These major new investors join existing Brite backer Incore Invest, which has further strengthened its position.
Lena Hackelöer, Founder & CEO, Brite Payments, said, “We see account-to-account payments gaining momentum across Europe, but merchants are still struggling to realise the full potential for their businesses. That is why we have built 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. With this funding round, we’re ready to accelerate our growth and bring Brite to more markets and checkouts across Europe.”
Brite serves customers in a growing number of industries and verticals where instant bank payments and payouts offer numerous advantages over card-based payments. A2A payments – including instant payments facilitated by open banking – deliver operational cost-savings, a smoother customer experience, reduced fraud risk, and elimination of chargebacks. Globally, A2A payments are expected to record double-digital annual growth over the next five years.
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