Swedish fintech company Open Payments has secured €3 million in a funding round aimed at accelerating its growth and product development. The funding, which was led by Alfvén & Didrikson and included Industrifonden as well as other existing investors, highlights growing interest in the integration of open banking technologies into business financial systems. Open Payments seeks to further its European footprint by utilizing these funds to enhance its offerings and address a broader range of enterprise needs.
What makes Open Payments’ platform unique?
Open Payments offers an open banking platform that combines API connections with ISO-based payment integrations, streamlining processes like domestic and cross-border payments, account reconciliation, and cash management. These functionalities are embedded into enterprise resource planning (ERP) systems, payment providers, and financial applications, creating a seamless experience for business users. The company’s innovative approach simplifies complex bank integrations by aggregating multiple APIs into a single, unified API.
How does Open Payments plan to expand across Europe?
In 2024, Open Payments achieved full coverage of the Dutch B2B banking landscape, setting the stage for wider European expansion. Recent product enhancements include cross-border payment features offering reduced exchange rates, access to real-time rates, and same-day settlements integrated within financial systems. These developments aim to meet the growing demand for more efficient and cost-effective financial operations among businesses across Europe.
“We developed Open Payments to simplify banking integrations by aggregating multiple bank APIs into one single API,” stated Louise Brandt, CEO and founder of Open Payments.
“We see Open Payments as the market leader in the Nordics, particularly in the ERP segment,” said Måns Alfvén, Partner at Alfvén & Didrikson. “We’re thrilled to support their journey and help them scale to new heights.”
Past reports on Open Payments’ growth indicate steady progress in becoming a leader in the Nordic region’s open banking ecosystem. Previous funding rounds also highlighted the company’s focus on partnerships with ERP and treasury system providers such as Monitor ERP, Treasury Systems, and Juni Technologies, emphasizing its niche in the business-to-business segment.
Alfvén & Didrikson, along with Industrifonden, will now hold the majority shares in Open Payments, joining a group of existing investors that includes Sony Financial Ventures, Global Brain, Luminar Ventures, and Brightly Ventures. The influx of funds positions the company as a key player in the evolving open banking landscape for enterprises, with new opportunities expected in integrated financial services.
Open Payments’ focus on the B2B segment in the Nordics has set it apart from other open banking providers, particularly through its integration with ERP and financial systems. This specialization allows businesses to automate and streamline their financial operations efficiently. As open banking regulations and adoption continue to mature across Europe, the company has the potential to further solidify its position within the sector. Businesses looking for advanced financial tools are likely to benefit from Open Payments’ expanding range of offerings.
