All posts tagged: Brite

Open Banking led to a FinTech boom — As Brite raises M, account-to-account payment grows

Open Banking led to a FinTech boom — As Brite raises $60M, account-to-account payment grows

The move towards Open Banking payments, especially in the EU, effectively kicked-off the FinTech boom. Open Baking standards meant that FinTech startups could create Wallets and effectively become Banks, or at least “Neo Banks,” in practical day-today-terms. Today, digital wallets are now the leading payment method globally in e-commerce, with a 49% share, according to the Global Payments Report by Worldpay. That said, so-called account-to-account (A2A) payments are on a streak, with the global A2A transaction value surpassing $525 billion in 2022, due to real-time payment rails now being available. There’s been a growing number of startups now taking advantage of this A2A boom, among them Trustly out of Stockholm, which to date has raised €23 million. However, they may now feel some heat from their other Stockholm-based neighbour, Brite Payments, which has today announced a Series A fund-raise of $60 million funding led by specialist B2B software investor Dawn Capital. Also joining the round was German/US VC Headline (the re-branded eVentures) and existing investor Incore (out of Sweden). Prior to this round, Brite had …