Sweden’s Instant Payment Fintech Brite Raises $60 Millionby Fintechnews Nordics October 5, 2023
Brite Payments announced a $60 million funding round led by specialist B2B software investor Dawn Capital and 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.
The fundraise follows a breakout year for Brite. The Stockholm-based company was founded by experienced payments exec Lena Hackelöer in 2019. During 2022, Brite more than doubled its transaction volume and revenue, and reached profitability. Today, its offering is available in 25 countries across Europe through connections with 3,800 banks, touching more than 350 million end consumers.
Brite will use the fresh funding to accelerate its geographic expansion, strengthen its presence in existing markets, and invest further in product development.
The round was led by Dawn Capital, an early backer of other Swedish fintech category leaders, including iZettle (sold to PayPal for $2.2B) and Tink (acquired by Visa for $2.0B). 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 (exited to Visa for $1.0B). These major new investors join existing Brite backer Incore Invest, which has further strengthened its position. The fundraise is a clear sign that fintechs demonstrating sound business fundamentals, sustainable growth, and a clear path towards profitability can secure high-level venture backing despite the funding slowdown in the sector.
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’s why we’ve built a 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. 2022 was our breakthrough year, and with this funding round, we’re ready to accelerate our growth and bring Brite to more markets and checkouts across Europe.”
Featured image credit: Lena Hackelöer, Founder & CEO, Brite Payments