Exclusive: Stockholm-based open banking startup Open Payments has landed a €1.2 million funding round from Brightly Ventures, Luminar Ventures, and several business angels. The company plans to use the money to expand across the Nordics and, later, Europe.
Open Payments has developed a platform that allows third-party developers to access various bank APIs in the Nordic markets in accordance with the EU's Revised Directive on Payment Services, also known as PSD2. The startup claims to have one of the most advanced solutions in the industry.
“Several organisations within the EU claim that they are already operating within the framework of PSD2,” said Louise Brandt, co-founder and CCO at Open Payments who used to work for the Swedish fintech unicorn iZettle. “The majority of these organisations are using what will soon become obsolete technology and APIs based on screen scraping and reversed engineering, while our platform is fully developed with the latest technology that PSD2 requires, i.e. open and standardized APIs. Therefore, our platform is a much more secure, cost-effective and flexible solution for our customers and their end-users.”
In the photo, Open Payments founding team (left to right): Jonas Kjellin (CEO), Louise Brandt (CCO), Per Westin (Chief Product Officer).