Founders: Lena Hackelöer and Robert Arnesson
Business: A second generation fintech challenger, providing payment solutions based on direct bank-bank tech.
Brite is a fintech startup first launched in 2019. The company is a second generation fintech challenger, and comprises of individuals previously involved in building other success stories like Klarna, Qliro, Trustly, Tink and SOFORT. Now, Brite aims to bring its accessible, more affordable modern payment solution to a wide range of customers across several markets.
Brite is an ‘Open Banking’ company, meaning its platform has been specifically built to enable the most reliable and compliant way of doing account-to-account payments using the banks’ dedicated ‘Open Banking’ APIs. To this end, the solution helps to overcome some of the following challenges relating to payments:
Instant Payments: By using Brite, customers can make payments instantly straight from their bank account. Connected to 4900 local banks across the EU, Brite’s solution allows users to pay for everything ranging from shopping, to playing online games in a more cost and time effective manner than what’s been previously possible.
Ideal for Merchants: For merchants, this means that funds will get paid within minutes of a transaction being made, with no delays.
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Seamless Payment Solution for End Users: With Brite, there is no need to input card details. Users can pay straight from their bank account with only top of mind information required. What’s more, you don’t need to set up an account to use the solution and it’s completely free.
Instant Withdrawals: As well as helping users to pay instantly, Brite also allows for instant withdrawals, which helps merchants to ensure that their customers are being paid on time. The system allows for easy integration within back-end systems, either through a user’s own automated process, or through a simple interface interaction.
2022 looks set to be a breakout year for Brite, with plans to localise its operations to scale. To this end, the company will be recruiting local teams to operate in markets like Germany and Spain, while also scaling the team at its headquarters in Sweden. With this work, the company will then work towards launching operations across multiple countries by the end of the year.
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