FinTech platform based in Stockholm Open Payments has raised €3 million in a funding round to support their continued growth, enable product development and advance their mission to simplify and improve B2B payments across Europe.
The financing round was led by Alfvén & Didrikson, with participation from Industrifonden and other existing investors.
“We developed Open Payments to simplify banking integrations by consolidating multiple banking APIs into a single API.“, said Louise BrandtCEO and Founder of Open Payments. “This approach allows businesses to innovate and improve their financial operations in ways that were not possible before..”
Open Payments was founded in 2017 by Jonas Kjellin, Louise Brandt and Per Westin to address the complexity and inefficiency businesses face when integrating multiple banking services into their systems, a process which Open says Payments, is often plagued by errors, high costs and time. -consumers of effort.
Since its 2023 funding round, Open Payments has worked to solidify its position as the leading Open Banking platform for B2B payments. It is trusted by ERP systems, treasury systems and accounting vendors including Monitor ERP, Treasury Systems, Juni Technologies, Bjorn Lunden and Speedledger.
The platform combines Open Banking API connections with ISO-based payment integrations, enabling seamless management of domestic and cross-border payments, account reconciliation and cash management, all in one place. By integrating these capabilities into enterprise ERP systems, payment providers and other financial applications, Open Payments streamlines financial operations and improves efficiency.
Built on the principles of the PSD2 directive, the Open Payments platform guarantees compliance and security at all levels.
According to Open Payments, by 2024 they have tripled their transaction volumes, doubled their revenues and achieved full coverage of the Dutch B2B banking landscape, laying the foundations for wider European expansion.
Recent product launches include cross-border payment capabilities offering lower exchange rates, access to real-time rates for simplified accounting, and same-day settlements integrated directly into financial systems.
“Our ability to combine Open Banking and ISO integrations into a single API is what sets us apart», adds Louise Brandt. “We enable our customers to reduce complexity, save time and focus on what matters most. With this new funding, we are excited to accelerate innovation and continue to shape the future of B2B payments..”
“We believe that open banking has great potential in the B2B context and see Open Payments as the market leader in the Nordics, especially in the ERP segment,» said Måns AlfvénPartner at Alfvén & Didrikson. “We are very impressed with the Open Payments team and are excited to support their journey and help them reach new heights..”
Alfvén & Didrikson and Industrifonden will become the main shareholders of the company. Other existing owners include Sony Financial Ventures, Global Brain, Luminar Ventures and Brightly Ventures. At the same time, Emil Ahlanzberg, Investment Associate at Alfvén & Didrikson, will join the board of directors of Open Payments.
Louise Brandt further adds: “We are very pleased to welcome Alfvén & Didrikson, an ideal partner for us given their experience and proven track record of successful investments in fintech, exemplified by companies like Trustly, Kleer and Transfer Galaxy..”
The transaction is subject to regulatory approval by the SFSA.