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Brite extends payouts coverage to central and eastern Europe
Thu, 16th Mar 2023

Brite Payments, one of Sweden's fastest-growing fintech and a provider of instant bank payments, has announced expanded coverage across Central and Eastern Europe. Brite, which has built its instant account-to-account (A2A) payments offering on the European-wide open banking infrastructure, now offers its payouts solution in Croatia, Romania, and Hungary. Adding these markets means that Brite now offers payouts in 24 markets across Europe.

Brite Payments is a second-generation fintech based in Stockholm. The instant payments provider leverages open banking technology to process real-time account-to-account (A2A) payments between consumers and online merchants. With Brite, no sign-up or credit card details are required as consumers authenticate themselves with top-of-mind details using their bank's usual identification method. 

The quick, simple and secure pay-ins solution enables customers to pay straight from their bank account with a single authentication step (except for cases with applicable regulations). Additionally, the timely payouts solution facilitates the rapid receipt of funds from merchants to consumers in fields such as insurance, financial investment, and gig economy wages. 

Instant processing has become a vital proposition within payments, most notably across markets within Europe undergoing rapid digital transformation in many parts of their economy. Brite's expansion is a response to increased demand from international merchants and the opportunity to support businesses in these dynamic domestic markets.

Brite facilitates the rapid receipt of funds from merchants to consumers through its payout solution across diverse sectors, including eCommerce marketplaces, consumer finance, online trading, travel, ticketing, insurance, and gig work platforms.

Reliable and timely payouts in these sectors are vital to building consumer trust. Immediate access to funds has become increasingly important for consumers currently dealing with rising living costs and a challenging economic environment. Pairing fast payouts with the convenience and security of open banking further enhances the end-user experience. Additionally, Brite's unique Time2Money feature ensures that users have full transparency and visibility into when they will receive their money, further helping build trust.

“Croatia, Romania, and Hungary represent some of the Europe’s most dynamic and fast-growing markets, as well as being popular markets for expansion for established international businesses. By adding these countries to our network of coverage, we take another step forward on our mission to bring fast, easy and secure payments to merchants and consumers across Europe,” says Lena Hackelöer, Founder and Chief Executive Officer of Brite Payments. “Brite has quickly become a payment provider of choice for many businesses that want to prioritise seamless and transparent payments and payouts.”

Expansion into new markets and currencies follows Brite's tremendous growth over the past year, doubling revenue and transaction volume on its platform and increasing headcount by nearly 100 per cent. The company's most recent expansion follows its full product rollout across the Baltic region, including Estonia, Latvia, and Lithuania. In addition, the company is connected to more than 3,800 banks within the European Union.