Brite Payments, one of Sweden’s fastest growing fintechs, is in an extremely strong position to scale further as it enters 2023, on the back of tremendous growth over the past twelve months. The instant payments company has more than doubled revenue and transaction volume on its platform this year, as well as reaching a number of significant growth milestones.
Over the year, the Stockholm-based second-generation fintech has expanded its operations to reach new markets in Europe, announced major commercial partnerships, launched several innovative new products, strengthened its leadership team, and received high commendation from industry peers.
With its customer base growing, Brite has bolstered its internal operations, nearly doubling its headcount in 2022. The year has certainly been turbulent for the fintech industry, and while many companies have been forced to make cuts as a result of economic headwinds, Brite was able to advance its growth plans. The company made several high-profile additions to its senior team. This year saw the appointment of Lisa Edström, formerly Chief Compliance Officer at Zettle by PayPal, as its Compliance Director, as well as Jan Plasberg, formerly CTO of SOFORT and VP Engineering at Klarna to its board. Together, the new additions are helping Brite to build sensibly on a year of hypergrowth.
In 2022, Brite helped to make instant bank payments even more efficient through the launch of its ‘Single Sign’ solution. The innovative one-step solution allows customers to pay straight from their bank account with only one authentication step, except for cases where regulation requires additional verification. Representing the next generation of instant bank payments, the solution has been shown to help users pay up to 40% faster than standard account-to-account (A2A) payment flows.
Brite also announced its collaboration with popular online banking payment method SOFORT to launch a pan-European instant payout solution. As part of the agreement, SOFORT’s bank transfer product is now complemented by Brite Instant Payouts, and is available to SOFORT customers without any additional integration effort. This unique partnership is set to deliver greater speed and convenience to more than 80 million users of SOFORT in Europe’s largest markets, enabling them to finally take advantage of truly instant payouts.
Reflecting on this year, Lena Hackelöer, CEO and Founder of Brite commented: “Demand for account-to-account payments has been gathering pace through 2022, which has helped to take Brite to new heights. We are strongly positioned in this nascent and rapidly expanding field, and helping an increasingly large base of merchants to deliver better user experiences, reduce customer churn, and improve acquisition rates with intuitive and innovative payment solutions.”
“Brite has quickly become the payment provider of choice for businesses prioritising seamless and transparent solutions. As we continue to scale up our operations in 2023, our product coverage will expand beyond the 21 European markets that we serve today. Through more than 3,800 banks that are connected to our payment network, we offer simpler, safer, and more secure instant payments and payouts,” continues Hackelöer.
Thanks to Brite’s recent full launch across Estonia, Latvia and Lithuania, merchants in the Baltic region now benefit from the company’s full product coverage. The region, which has a population of more than six million, has long been at the forefront of digitisation and developing technical infrastructure. Brite’s now provides merchants and individuals with the ability to leverage the speed and efficiency of A2A payments and payouts for the first time.
Brite’s tremendous work in 2022 hasn’t gone unnoticed in the wider fintech sector, with the company receiving recognition in several esteemed industry rankings. Most notably, Brite’s founder and CEO, Lena Hackelöer, has been named among the ‘Startup Elite’ in Tech Round’s ‘Top 100 Startups, Businesses, and Entrepreneurs in 2022’ list. Additionally, the payments innovator was revealed as the third fastest growing Swedish fintech by leading Swedish tech publication Breakit. As Brite moves into 2023, the company is primed for further industry recognition on the strength of its offerings.
