Open Payments expands presence in the European market
Swedish fintech company Open Payments has closed a funding round led by Alfvén & Didrikson. The startup has raised €3 million, which it will use to expand its operations in Europe. Industrifonden and other investors also participated in the round.
Open Payments offers an open banking platform that performs ISO-based integrations. The unified API enables:
– manage domestic and cross-border payments;
– reconcile accounts;
– distribute cash in an integrated format.
The platform integrates with ERP systems, payment providers, and various financial applications, ensuring the efficient management of economic processes.
Solution features
In 2024, Open Payments took the lead in the B2B banking sector in the Netherlands. This became the basis for the expansion of the solution to other European countries. The platform offers:
– extensive cross-border payment options with low exchange rates;
– access to real-time rates, which greatly simplifies accounting operations;
– same-day settlement of invoices.
All of this functionality is integrated with the company’s financial systems, significantly streamlining operations. This is possible by combining multiple applications into a single API. This approach is unique in the market and has high scaling potential.
Reasons for the startup’s success
According to Open Payments founder Louise Brandt, this approach has several advantages. It allows companies to remain flexible and regularly improve the quality of their financial transactions. The startup’s customers include Treasury Systems, Speedledger, Juni Technologies, and Bjorn Lunden. The platform serves accounting service providers, treasury systems, and corporations.
Various banking APIs are available in line with the EU’s revised Payment Services Directive (PSD2).
Open Banking for the B2B sector is increasingly in demand. Open Payments are leading the market in Northern Europe and attracting investors’ attention.
The startup completed its first round of funding in 2019. It then managed to raise €1.2 million from Brightly Ventures, Luminar Ventures and business angels.
In 2023, the company received €3 million, after which Industrifonden led the round. Sony Financial Ventures and venture capital fund Global Brain also participated. The company is developing its platform to offer European customers a product tailored to their needs. Previously, the startup focused mainly on accounting solutions for Northern Europe. Today, however, it is actively preparing to expand its customer base in the EU market.
At the same time, Open Payments continues to improve the functionality of its solution. The company plans to make the platform a universal tool for the B2B sector.
