Finance & Economics

Japanese VCs Join €3 Million Growth Round in Sweden’s Open Payments

The Swedish fintech company Open Payments announced the completion of a round of financing for 3 million euros.

Japanese VCs Join €3 Million Growth Round in Sweden's Open Payments

Source: Pixabay.com

This round of financing was organized by Industrifonden with the support of Japanese Sony Financial Ventures, Global Brain, and existing investors.

Open Payments was founded in 2017 by a former iZettle employee from PayPal, Louise Brandt. The company’s account aggregation platform connects to commercial banks via the API. The firm’s solution allows services such as payments, account reconciliation, and money management to be integrated directly into client applications, including ERP systems, payment providers, and fintech companies.

Louise Brandt says that there is currently an increase in demand for the firm’s services from leading accounting and ERP systems and other financial systems that want to use open banking in their products safely and reliably. Consumers, she said, need the ability to make various payments for their business customers.

B2B payments are part of the open banking space, where the company has the advantage of being the pioneer. Louise Brandt also says that her firm has the potential to become one of the industry leaders internationally.

The company’s client base consists of accounting and ERP system vendors, and technology firms that have integrated the Open Payment platform to provide their open banking solutions.

The Swedish venture fund Industrifonden for the first time led a round of financing in the framework of open payments back in 2020. The participation of Sony Ventures and Global Brain was the first such experience for these companies.

Junji Nakamura, director of Sony Ventures, says that open banking is currently at an early stage of development in Japan. He also noted that this area has advanced far in Europe.

Junji Nakamura highly appreciated the Open Payment technology and how the Swedish fintech company implemented open banking for business. Sony Ventures has decided to step up investments in the development of products for open payments to provide more markets with the opportunity to take advantage of this type of banking service.

As we have reported earlier, Paytrix Secures $18.3 Million Series A Funding.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.