Brite Payments has today announced the closing of a $60 million investment round. The company, which is part of Incore Invest’s investment portfolio, will use the capital to further product development and to continue its expansion across Europe, enabling the business to reach more merchants and consumers who stand to benefit from its innovative solutions.
The new investment highlights the strength of Brite’s offering and its strong business fundamentals. As one of the earliest investors in the business, Incore Invest has long recognized this immense potential and will now help to support the company as it continues to fulfill its promise of leading the instant bank payments movement across Europe.
Speaking on the new investment, Nicolai Chamizo, Founder of Incore Invest and the new Chairman of the Board at Brite commented: “Brite has built the technical foundations for tomorrow’s payments. I believe they will carry on going from strength-to-strength with this recent investment and I’m excited to see what comes next.
Brite will use the fresh investment to drive further development of its Brite Instant Payments Network (IPN), a proprietary network that serves as the backbone of the company’s offering. In addition, the company will look to reinforce its business operations and hopes to build up several regional hubs across Europe by bringing on additional local expertise.
Nicolai continued: “We have been closely aligned with Brite’s vision for instant payments and payouts since the start of their journey. Together, Lena and her team have built several truly innovative solutions, which address many of the long-standing pain points currently affecting the world of payments and that deliver benefits to consumers and merchants alike.”
The Stockholm-based company was founded by experienced fintech leader, and Incore Invest partner, Lena Hackelöer in 2019. Since then, it has emerged as one of Sweden’s fastest-growing fintechs. In the past year alone, Brite has more than doubled its transaction volume and revenue and has achieved profitability for the first time.
Today, Brite’s offering is available in 25 countries across Europe through connections with 3,800 banks. This extensive scope allows the company to reach more than 350 million end consumers with its solutions. Thanks to the investment, Brite now looks set to go even further in these important efforts.
Lena Hackelöer, founder and CEO of Brite commented: “Last year was a breakout moment for us as a business, and with this new investment, we’re ready to accelerate our growth and bring Brite to more markets and checkouts across Europe. It’s a hugely exciting time for the company and we’d like to thank Incore Invest for all its support up until this point.