Open Payments, a Sweden-based fintech, announced on Monday it secured €3 million through its seed funding round, which was led by Industrifonden, with participation from existing investors Brightly Ventures, Luminar Ventures, and angel investors.
Founded in 2017, Open Payments states it provides the groundbreaking market infrastructure required for successful Open Banking.
“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.”
Open Payments also claims it is one of the leading Open Banking platforms in the Nordic region to offer genuine PSD2 API aggregation via a single and secure API. The company has launched its services in Sweden and Finland with a customer base that has built its open banking solutions using Open Payments Platform. While sharing more details about the company, Jonas Kjellin, Founder and CEO at Open Payments, stated:
“I believe that BigTechs will have a big impact on how we perform financial services in the future, but also requires traditional FinTechs, and by bridging the gap between them, we have a great position to offer our customers a flexible solution.”
Open Payments previously closed a pre-seed investment of kr1.3 million in May 2019. With the new funding, Open Payments addd it will continue to grow the team expand the platform to drive and enable Open banking in the Nordic and European markets.