AppBrilliance secures over USD 3 mln funding

Friday 13 November 2020 14:14 CET | News

US-based payments tech startup AppBrilliance has closed over USD 3 million in seed financing as it lays the foundation for true open payments and open banking technology for US businesses. 

AppBrilliance’s technology for open payments and banking liberates businesses from having to rely solely on traditional payment processors for taking payments. For decades, retail payments have relied on legacy ‘pull-based’ card-processing rails that have remained largely unchanged to the benefit of the biggest card processors and issuing banks. Credit and debit card transactions have increased over the last decade and the costs for processing these payments for businesses of all sizes has continued to grow as a percentage of revenue. In fact, even in these uncertain times, US businesses pay over USD 120 billion dollars per year to process consumer payments.  Companies like Visa, Mastercard, Fiserv, and Stripe reduce profit margins by standing in between businesses and over USD 4 trillion in annual US consumer spending.  

AppBrilliance’s patented technology and non-custodial Money API removes barriers to interacting with bank accounts, enabling instant and secure ‘push’ payments to consumer’s favourite businesses. By combining a non-custodial funds-flow and data model with real time account visibility and control, AppBrilliance looks for change inside the payments industry, according to the official press release.

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Keywords: AppBrilliance, US, fintech, startup, payments , financing , open payments, Open Banking, credit card, debit card, Visa, MasterCard, Fiserv, Stripe
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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