Stockholm-based FinTech platform Open Payments recently secured a €3 million funding round to propel its growth, enhance product development, and further its mission of simplifying and improving B2B payments across Europe. Led by Alfvén & Didrikson, with support from Industrifonden and existing investors, this funding marks a significant milestone for the company.
Founded in 2017 by Jonas Kjellin, Louise Brandt, and Per Westin, Open Payments addresses the complexities and inefficiencies that businesses encounter when integrating multiple banking services into their systems. This process often involves errors, high costs, and time-consuming efforts. Open Payments aims to streamline this process and revolutionize financial operations for businesses.
Since its last funding round in 2023, Open Payments has solidified its position as the leading Open Banking platform for B2B payments. Trusted by prominent ERP systems, treasury systems, and accounting providers, the platform combines Open Banking API connections with ISO-based payment integrations to facilitate seamless management of domestic and cross-border payments, account reconciliation, and cash management.
Committed to compliance and security at every level, Open Payments adheres to the principles of the PSD2 directive. The company has experienced significant growth, tripling transaction volumes, doubling revenue, and achieving full coverage of the Dutch B2B banking landscape in 2024, setting the stage for broader European expansion.
Recent product launches have introduced cross-border payment capabilities with lower exchange rates, real-time access to rates for simplified bookkeeping, and same-day settlements integrated directly into financial systems. This innovative approach sets Open Payments apart, empowering customers to navigate complexity, save time, and focus on core business activities.
Alfvén & Didrikson and Industrifonden will become the largest shareholders in Open Payments, signaling a new chapter for the company. With experienced partners on board, including Sony Financial Ventures, Global Brain, Luminar Ventures, and Brightly Ventures, Open Payments is poised for accelerated growth and innovation in the B2B payments landscape.
The transaction is pending regulatory approval by the SFSA, underscoring the company’s commitment to compliance and transparency. Louise Brandt expressed enthusiasm for the partnership with Alfvén & Didrikson, citing their successful track record in fintech investments as a key factor in the collaboration.
In conclusion, Open Payments’ recent funding round marks a significant milestone in the company’s journey to revolutionize B2B payments in Europe. With a focus on innovation, compliance, and customer empowerment, Open Payments is well-positioned to shape the future of financial operations for businesses across the continent.
Frequently Asked Questions
1. What is Open Payments?
Open Payments is a Stockholm-based FinTech platform that simplifies and enhances B2B payments across Europe.
2. When was Open Payments founded?
Open Payments was founded in 2017 by Jonas Kjellin, Louise Brandt, and Per Westin.
3. What sets Open Payments apart from competitors?
Open Payments combines Open Banking API connections with ISO-based payment integrations in one platform, enabling seamless financial operations for businesses.
4. Who led the recent funding round for Open Payments?
The recent funding round was led by Alfvén & Didrikson, with participation from Industrifonden and other existing investors.
5. What are some recent product launches by Open Payments?
Recent product launches include cross-border payment capabilities, real-time access to rates, and same-day settlements embedded in financial systems.
6. How does Open Payments ensure compliance and security?
Open Payments adheres to the principles of the PSD2 directive to ensure compliance and security at every level of its platform.
7. What are Open Payments’ plans for future expansion?
Open Payments aims to expand its reach beyond the Dutch B2B banking landscape and establish a broader presence across Europe.
8. Who are the major shareholders in Open Payments?
Alfvén & Didrikson and Industrifonden will become the largest shareholders in Open Payments, with support from other existing investors.
9. What is the significance of the recent funding round for Open Payments?
The recent funding round will support Open Payments’ growth, product development, and mission to revolutionize B2B payments in Europe.
10. How does Open Payments empower its customers?
Open Payments empowers its customers to navigate complexity, save time, and focus on core business activities by streamlining financial operations and enhancing efficiency. “Top 10 Strategies for Growing Your Startup Quickly”
