Swedish fintech startup Open Payments announced on Tuesday it secured 1.2 MEUR through its latest seed funding round, which included investments from Brightly Ventures, Luminar Ventures, and selected angel investors. Founded in 2017, Open Payments provides what it believes the “groundbreaking market infrastructure” that is required for successful open banking. The company reported:
“The Open Payments Platform is a PSD2 compliant API aggregation platform that offers a single, open and secure point of access to the diverse bank API networks throughout Europe and also connects partner services like lending, currency and virtual banks. Open Payments simplifies integration of third party application providers, e-commerce platforms and B2B systems.”
Louise Brandt, Co-founder and CCO at Open Payments, stated:
“Several organisations within the EU claim that they are already operating within the framework of PSD2. The majority of these organisations are using what will soon become obsolete technology and APIs based on screen scraping and reversed engineering, while our platform is fully developed with the latest technology that PSD2 requires, i.e. open and standardized APIs. Therefore, our platform is a much more secure, cost-effective and flexible solution for our customers and their end-users. It gives us a huge advantage over existing solutions that suffer from a large technical heritage.”
Katja Bergman at Brightly Ventures went on to add:
“We met the team some time ago, and are struck by the insight, vision and execution power of the team. We are seeing powerful transformational forces beginning to reshape the global payment service landscape. Open Payments is democratizing payments, for the European retailers, businesses and banks, enabling many new innovations, with a positive effect to European businesses and consumers. One could say that Open Payments transforms and opens up payments, like Linux transformed operating systems.”