Company Database - Brite

Brite leverages Open Banking to offer an innovative instant payments solution that allows merchants and customers to make account-to-account (A2A) payments without creating an account, downloading an app, or being redirected to a payments page. Users complete payment using top-of-mind banking information – no sign-up forms or additional passwords. 

Website

https://britepayments.com/

Active since

2019

Head office

Stockholm, Sweden

Country offices in

  • Spain; 
  • Germany; 
  • Malta;
  • United Kingdom.

Founder

Lena Hackelöer

Funding rounds and investors

USD 60 million funding round announced in October 2023, led by specialist B2B software investor Dawn Capital and joined by Headline and existing investor Incore.

Number of employees

~150

Member of industry association and/or initiatives

  • Payments Association EU;
  • Swedish FinTech Association;
  • EHI Retail Institute.

Awards

  • Retail Systems Awards 2024 - 'Alternative Payments Solution' and 'Payments Innovation Award';
  • PayTech Awards 2024 - 'Tech of the Future - A2A Payments';
  • Hustle Awards 2024 - 'Most Successful Scaleup' and 'Founder of the Year'.

Contact

info@britepayments.com / +46101888777

Core solution

The company`s core solutions

  • Brite Instant Payments enable low-friction, secure, and cost-effective account-to-account (A2A) fund transfers through Open Banking APIs. 
  • Brite Instant Payouts facilitate instant payouts from businesses to their customers, providing end users with peace of mind that money will arrive reliably and quickly.
  • Brite Data Solutions provide instant access to essential bank account data that can be used for verification purposes or to check financial standing (includes AIS and standalone KYC).

What problem does the company solve?

The payments sector is still plagued by inefficiencies – including how merchants implement new payment options for their customers. Brite Payments leverages the capabilities of Open Banking to give merchants and businesses a complete and easy-to-integrate instant account-to-account (A2A) payments and payouts solution that delivers high checkout conversion, reduction of fraud and risk as well as bottom-line cost-savings and top-line revenue growth.

Major use cases & products

Brite serves customers in a growing number of industries and verticals where instant bank payments and payouts offer numerous advantages over traditional card-based payments. Instant payments facilitated by Open Banking deliver operational cost-savings, a smoother customer experience, reduced fraud risk, and elimination of chargebacks. 

Competitive advantage

Seamless payments and superfast payouts, powered by the Brite Instant Payments Network (IPN). Brite IPN offers significant advantages over traditional Open Banking payments (i.e. PIS) by taking full receipt of incoming funds and settling them rapidly on behalf of merchants across Europe. The Open Banking-first proprietary network enables 24/7/365 instant payments processing.

Types of supported APIs\API standard supported

Restful JSON

Geographical coverage (operational area)

Brite is connected to more than 3,800 banks across 27 European markets, touching more than 350 million end consumers. 95%+ coverage in core markets.

Number of total end users

For details please contact our team: info@britepayments.com

Target market

Target segments/industries

Ecommerce, online marketplaces, ticketing, travel, consumer finance, insurance, neobrokers and trading platforms, charity/non-profit sector, money remittance, EV infrastructure, freelance, and gig worker platforms. 

Current customers

Customer stories: https://britepayments.com/customer-stories/

Technology

E.g. cloud-enabled/native cloud/on-premises/hybrid

Native cloud

Software language

Python, Go, Javascript, Typescript.

Software development tools

Pycharm, VSCode.

When was the core technology developed

2019

Licencing

Type of licence

Licenced by the Swedish Financial Supervisory Authority for operations across EU/EEA.

Partners

Distribution channels

Direct integration with merchants and through PSP partners.

Business model

Pricing model

Transaction-based pricing model (for more details contact our team: info@britepayments.com)

Revenue streams

Merchant service fees

Case studies

Case studies – examples

• Auctionet: Bringing auction payments into the 21st Century


• Northe EV: Powering Change Within the EV Charging Sector

• Suicide Zero: Enhancing the Donation Experience

• Billecta: Automating Payment Flows and Ensuring Smooth Transfers

https://britepayments.com/customer-stories/billecta/

Product roadmap

Planned features and releases/future plans

Further geographic expansion is planned for 2025, as well as strengthening the product offering within existing markets. A key focus is the further development of the Brite Instant Payments Network (Brite IPN); a proprietary network that is the backbone of the company’s offering.