Brite Payments Secures $60m for Instant Payments Expansion in Europe

Swedish fintech firm, Brite Payments, has garnered $60m in funding to accelerate its instant payments services across Europe. The company, founded by CEO Lena Hackelöer in 2019, offers businesses instant account-to-account (A2A) payments and payouts using open banking.

A Year of Growth for Brite Payments

The fundraising exercise, led by Dawn Capital, included participation from Headline and existing investor, Incore. The financial boost follows a successful year for Brite, having recently expanded its workforce to over 100 employees. Additionally, the company now operates in 25 European markets through 3,800 banks, reaching more than 350 million end consumers.

In 2022, Brite achieved significant milestones, doubling its transaction volume and revenue, and even attaining profitability, albeit marginally, according to Hackelöer. The fintech firm opted not to raise funds last year, focusing instead on expanding the company and establishing potential investor relationships.

First Major Fundraising Success

The recent funding marks the first substantial raise for Brite, which had previously relied on seed funding from early backers and its own resources. The amount raised exceeded the company’s expectations. As Dawn Capital general partner Josh Bell asserts, Brite is poised to be the category leader as real-time A2A payments become mainstream across Europe.

Future Plans for Expansion and Development

Brite intends to use the funds to enhance its growth trajectory, expand its team, and extend its geographical reach. The goal is to increase product development and establish a stronger presence in the 25 countries where the company currently operates.

Part of the capital will also be allocated to further develop Brite’s instant payments network, which offers 24/7 instant processing all year round. The network uses open banking to deliver an efficient payments solution.

According to Hackelöer, 2023 will see a significant increase in awareness for A2A as more European markets recognize its benefits. Over the next five years, A2A payments are anticipated to register double-digit annual growth.