Sweden-based fintech Brite Payments has announced the raise of USD 60 million in funding round in order to accelerate instant bank payments across Europe. Following this announcement, the firm is set to use the funds in order to accelerate its overall geographic expansion development, as well as strengthen its presence in already existing markets.

At the same time, Brite Payments will invest further in the process of optimising its product portfolio. The capital will also drive further development of the Brite Instant Payments Network, the company’s proprietary network that was developed to facilitate 24/7 instant processing 365 days a year. In addition, the Brite IPN provides customers with other benefits, such as taking full receipt of funds and settling them on behalf of merchants in a fast and secure manner, alongside the possibility to choose the currency they prefer.

The investment was led by the B2B software investor Dawn Capital, as well as Headline and the already existing investor Incore. Brite Payments’ recent strategy of development Sweden-based fintech Brite Payments leverages Open Banking in order to provide clients and businesses with a complete and efficient suite of instant, secure, and easy-to-use account-to-account (A2A) payments and payout solutions. The firm announced multiple partnerships and launches in the last couple of months, covering several geographic areas around the world.

In September 2023, the company teamed up with the digital auction platform Auctionet in order to provide its customers and users with instant account-to-account (A2A) payments. Following this announcement, Auctionet was set to respond and meet the evolving needs, preferences, and expectations of clients surrounding payments. At the same time, the company aimed to focus on the growing popularity of mobile bidding, while addressing its own need for an increasingly efficient and secure suite of payment processes.

Earlier in August 2023, Brite Payments expanded its Nordic product coverage with the launch of its Open Banking-supported instant payments and payouts in Denmark. The full product coverage in Sweden and Finland and the addition of the region of Denmark were set to further strengthen the footprint of the fintech company, as it continued its plan to expand across multiple areas in Europe. Following the launch, customers, merchants, and businesses in Denmark were enabled to leverage Brite Payments’ lower-cost alternative to cards.

Furthermore, the company’s Open Banking take on account-to-account (A2A) payments also offered them the possibility to use instant payment processing while benefiting from reduced fraud risks. .