Brite Payments

Overview
News
FinTech Infrastructure?
Product stageSegments
Early
?
Banking services
?

Sweden-based Brite Payments offers open banking payment services between customers and merchants with instant settlement of funds. The platform’s offerings include instant payments, instant payouts, and recurring payments, which enable businesses to send and receive various types of payments directly from their bank accounts. It also facilitates instant payment types for investment, insurance, ecommerce, gig economy, and loans.

As of October 2023, Brite Payments operated in 25 European countries including the UK, Germany, France, Spain, and the Netherlands, with 3,800 banking partners and more than 350 million end users.

Key customers and partnerships

In April 2022, Brite Payments partnered with SOFORT, a platform for instant bank transfers, to launch an embedded instant payout solution. Through this partnership, Brite Payments will be integrating its instant payout solution with SOFORT’s bank transfer offering to launch SOFORT Instant Payouts powered by Brite (July 2022), which will allow users to disburse funds to consumers instantly.

Funding and financials

In 2022, the company reportedly doubled its transaction volume and revenue.

In October 2023, Brite Payments raised EUR 57.3 million (~USD 60 million) in Series A funding led by Dawn Capital. The company intended to use the proceeds to support its geographic expansion across Europe, scale its platform, and expand its operations through mergers and acquisitions of other similar businesses.

HQ location:
Stockholm SWE
Founded year:
2019
Employees:
51-100
IPO status:
Private
Total funding:
USD 60.0 mn
Last Funding:
USD 60.0 mn (Series A; Oct 2023)
Last valuation:
-
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