The archive · Money & Fintech · Strategic decision · 2019–2026
Brite: EU Instant Payments Regulation to Replace Credit Cards
Stockholm-based A2A payments firm founded 2019, raised $60M, entered Germany 2024, connected 3,800 banks across 26 markets.
Brite Payments
What the business is
Brite provides open-banking-based instant account-to-account (A2A) payments and payouts: consumers authorize with one click using their bank identity at checkout, funds reach the merchant in seconds, no registration is needed, no card number is needed, and merchants avoid chargebacks and settlement reconciliation.
Starting capital：$60M Series A, led by Dawn Capital in 2023-10, with follow-on investment from Headline and existing shareholder Incore Invest; in 2022 the company's transaction volume and revenue doubled and it became profitable.
How it started
Lena Hackelöer founded Brite in Stockholm in 2019, betting on the next default payment method after the card era: A2A payments where consumers authorize through a bank app and funds arrive in real time. The company built its own Brite IPN settlement network; in 2022 transaction volume and revenue doubled and it first became profitable; in 2023-10 it raised a $60M Series A led by Dawn Capital, at which point it had connected 3,800 banks, covered 25 markets, and reached 3.5 hundred million (350 million) consumers.
What happened
The regulation opened the gate in 2024: on 2024-02-26, the Council of the EU approved the instant transfer regulation, requiring banks that offer ordinary euro transfers to also offer instant transfers arriving within 10 seconds, with fees no higher than ordinary transfers, and allowing payment and e-money institutions (PIEMIs) to access payment systems. Brite launched its instant payment product in Germany on 2024-04-24, which the CEO called the company's most significant market expansion; a survey in the same period showed that 67% of German consumers were already familiar with Pay by Bank and 38% used it at least once a month, matching credit card usage.
How it ended up
Still running: as of the company's 2024–2025 public pages, it has connected 3,800+ banks, covers 26 European markets, and won 2 retail payments industry awards in 2024; no new funding has been disclosed, and the business focus is product and market expansion.
Background
Brite Payments was founded by Lena Hackelöer in Stockholm in 2019 and does 'instant payments via bank transfer': consumers authorize with one click using their bank identity at checkout, funds reach the merchant in seconds, and they do not need to register an account or enter a card number. The company built its own Brite IPN settlement network; in 2022 transaction volume and revenue doubled and it became profitable, and in 2023-10 it raised a $60M Series A led by Dawn Capital, with Headline and Incore Invest following.
The core bet is regulation: as long as the EU requires every bank to provide instant euro transfers arriving within 10 seconds at the same price as ordinary transfers, A2A will move from a Nordic pioneer to the default checkout method across Europe, and merchants will leave credit cards for lower costs and zero chargebacks. On 2024-02-26, the Council of the EU approved the instant transfer regulation, requiring banks to provide instant transfers simultaneously, with fees no higher than ordinary transfers, and allowing payment and e-money institutions to access payment systems.
After the regulation took effect, the action was to expand with the momentum: on 2024-04-24, Brite launched its instant payment product in Germany, which the CEO called the company's most significant market expansion; a YouGov survey in the same period showed that 67% of German consumers were already familiar with Pay by Bank and 38% used it at least once a month, with usage matching credit cards. By the company's 2024–2025 pages, it had connected 3,800+ banks, covered 26 European markets, and won 2 retail payments industry awards.
Brite has not had a second funding announcement so far; the path is to use one $60M round to replicate the model validated in the Nordics into large markets such as Germany, then wait for the EU instant transfer obligations to land in phases and push demand broadly. It is not betting on inventing a payment method itself, but on regulation doing the infrastructure work of making 'every bank able to make instant transfers' for it.
What has to be true
- Regulation solved bank coverage, opening demand overnight.
- Nordic-first, Germany-second reduced risk and validated product.
- Self-built settlement network differentiates and creates barrier.
- No chargebacks and lower costs make A2A a natural substitute.
What can be applied
Regulation creates a channel, not customers; Brite's self-built network and Nordic-first, Germany-second expansion turned regulatory benefit into growth.
Aftermath
As of 2026-09-01: Brite is still operating and expanding—the company's pages show 3,800+ banks connected and 26 European markets covered, entry into Germany in 2024 and 2 retail payments industry awards, and continued product and market investment in 2025; there has been no shutdown or acquisition news, and the latest public funding remains the $60M in 2023. Bank obligations under the EU instant transfer regulation have been landing in phases since taking effect in 2024-04, and A2A payment penetration in the EU is still being realized.
Sources
- Sweden's Brite Payments Raises $60 Million to Accelerate Instant Bank Payments Across Europe
- Brite Payments eyes European instant payments growth with $60m funding round
- EU adopts regulation on instant payment
- Brite Launches Instant Payments in Germany to Further Boost European Coverage
- Brite Payments Takes Top Honours in Two Categories at the 2024 Retail Systems Awards
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