The Swedish fintech company Brite Payments announced that it managed to raise investment funds in the amount of $60 million.
The company intends to spend the received financing on the implementation of efforts aimed at expanding its offer of instant payments. The relevant information is contained in the company’s press release. The funding round was conducted by Dawn Capital together with a number of other representatives of the fintech industry in Sweden.
The company stated that the received investment funds will help it accelerate the process of geographical expansion, and will also become a kind of material base for strengthening positions in the markets of its current presence and for activating product development. The firm also said that the raised capital will contribute to the further development of the Brite instant payment network (Brite IPN).
The company’s press release notes that the investment funds were received after a year during which the brand has more than doubled the volume of transactions and improved revenue indicators. Also, during the specified period, the company achieved profitability.
Lena Hackelöer, the founder and CEO of the company, says that currently in Europe there is an increase in the use of such financial services as payments from account to account. She also noted that sellers are making every effort to fully realize the potential of their business. According to her, the company, understanding the current trends in the sphere of fintech and realizing the essence of consumer needs, has created a full-fledged offer of instant A2A payment transactions that can be connected to any cash register. She stressed that within the framework of this solution, operational problems were eliminated, including settlement accounts, reconciliation, or currency exchange.
Brite has teamed up with SOFORT, an online bank transfer center in Europe. As a result, sellers on the transfer platform are able to use the payment solution of the Swedish fintech company without additional technical efforts. Lena Hackelöer stated that this partnership is crucial for achieving goals such as business growth and success. According to her, the cooperation helps Brite become a sought-after brand among consumers. She also stated that partners together can create a product that surpasses in terms of quality the solutions that were implemented in the case of single efforts of companies.
Link Money CEO Eric Shoykhet says that in the United States, there is also a scaling up of the distribution of the payment system through the bank. Sellers are interested in this offer because in this case, they benefit from a reduction in transaction processing costs ranging from 70% to 80%.
Eric Shoykhet also said that in the context of the consumer side of trade, there are still macro factors that actually cancel the benefits of open banking. According to him, high-interest rates, especially on credit cards, are an incentive for users to switch to debit transactions and make a choice in favor of hassle-free payment offers through a financial institution that are tied to mobile apps and biometrics.
According to Mr. Shoykhet, the experience of Latin America and Europe is an example of how payment methods become cheaper over time.
As we have reported earlier, Stampli Raises $61 Million to Expand Its AI-Powered Accounts Payable Offering.