Stockholm-based Open Payments has raised €3 million in a funding round led by Alfvén & Didrikson, with participation from Industrifonden and existing investors. The company provides an Open Banking platform focused on B2B payments, offering a single API that integrates multiple bank connections. The new funding will support product development and expansion across Europe. Open Payments has seen significant growth, with increased transaction volumes and broader market coverage, particularly in the Dutch banking sector.
Open Payments was founded in 2017 to address the complexity and inefficiency businesses face when integrating multiple banking services into their systems, a process often plagued by errors, high costs, and time-consuming efforts.
“We developed Open Payments to simplify banking integrations by aggregating multiple bank APIs into one single API,” says Louise Brandt, CEO and founder of Open Payments, and recipient of the 2024 Payment Pioneer of the Year award. “This approach enables businesses to innovate and improve their financial operations in ways that weren’t possible before.”
Since its 2023 funding round, Open Payments has cemented its position as the leading Open Banking platform for B2B payments. It is trusted by ERP systems, treasury systems, and accounting providers, including Monitor ERP, Treasury Systems, Juni Technologies, Bjorn Lunden, and Speedledger.
The platform uniquely 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 embedding these functionalities into businesses’ ERP systems, payment providers, and other financial applications, Open Payments streamlines financial operations and enhance efficiency. Built on the principles of the PSD2 directive, Open Payments’ platform ensures compliance and security at every level.
In 2024, Open Payments tripled its transaction volumes, doubled revenue, and achieved full coverage of the Dutch B2B banking landscape, laying the foundation for broader European expansion.
Recent product launches include cross-border payment capabilities offering lower exchange rates, real-time access to rates for streamlined bookkeeping, and same-day settlements embedded directly in the financial systems.
“Our ability to combine Open Banking and ISO integrations in one API is what sets us apart,” says Louise Brandt. “We empower our customers to cut through complexity, save time, and focus on what matters most. With this new funding, we’re excited to accelerate innovation and continue shaping the future of B2B payments.”
“We believe open banking has great potential in the B2B context and we see Open Payments as the market leader in the Nordics, particularly in the ERP segment.” says Måns Alfvén, Partner at Alfvén & Didrikson. “We are very impressed by Open Payments’ team and we’re thrilled to support their journey and help them scale to new heights.”
Louise Brandt adds: “We are very happy 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.”
Alfvén & Didrikson, together with Industrifonden, will become the largest shareholders in the company. Other existing owners include Sony Financial Ventures, Global Brain, Luminar Ventures and Brightly Ventures. The transaction is subject to regulatory approval by the SFSA. Emil Ahlanzberg, Investment Associate at Alfvén & Didrikson, will join the Open Payments board.
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Read the orginal article: https://arcticstartup.com/open-payments-raises-e3-million/
