Swedish FinTech Open Payments raises €3 mn in seed funding round

By Megha Bhattacharya

Today, Swedish FinTech Open Payments announced that it has secured around €3 million in a seed funding round led by Industrifonden, existing investors Brightly Ventures, Luminar Ventures, and other angel investors. The FinTech stated that the capital would be utilised to continue the team growth and establish the company’s presence in the Nordic and European markets.

“I believe that BigTechs will have a big impact on how we perform financial services in the future, but also requires traditional FinTechs, and by bridging the gap between them, we have a great position to offer our customers a flexible solution”, said Jonas Kjellin, Founder and CEO at Open Payments.

According to Open Payments, it recently closed a pre-seed investment of 1.3 million SEK in May 2019. The new funding received is expected to boost its Open Banking services in the Nordic and European markets. The company is an FSA licensed Payment Institute that provides a modular Open Banking Platform that enables businesses to integrate with banks and other financial services through pure APIs.

Open Payments has services in Sweden and Finland and has a founding team comprising Jonas Kjellin, CEO and Louise Brandt, and CCO. The platform has allowed third-party providers and business partners to develop their own products and services under their own brand name and still own their user journeys.

“Open Payments platform makes it easy for companies to take advantage of the enormous business development potential that Open Banking entails for small and large companies. It is also exciting to find such a strong founding team with long international experience here in the small Swedish market. I look forward to work with a young, agile company that, with ingenious technical simplicity, gives customers favourable freedom and flexibility in their open banking offerings”, said Anna Ljungdahl, Investment Manager at Industrifonden.