Open Payments announced $1.3M seed funding from Brightly Ventures and Luminar Ventures

Open Payments, a Stockholm, Sweden-based company providing a platform as a service for open banking, announced in a press release that it secured EUR 1.2M ($1.3M) in capital investment.

The money was provided by investors including Swedish investment companies Luminar Ventures and Brightly Ventures. Following the investment, the founding managers and key people in the company will control 60% of the shares. The funding will be used to grow the team and launch the company's platform in the Nordic and European market.

Open Payments, founded in 2017 and led by CEO Jonas Kjellin, offers an open and secure access point to the various bank APIs in the Nordic markets.

As under the EU's PSD2 directive regulation, from 2019 the banks have to release their open APIs into production - starting in 2020 Open Payments wants to expand and integrate with other banks across the EU. A third-party provider can, using one API, gain access to all the EU banks’ diversified APIs and then, through a simple white label solution, use the functions within PSD2.

Prior to this round, Open Payments raised almost $1M (SEK 8M).