The platform combines open banking API connections with ISO-based payment integrations. Credit: Khaohom Mali/ Shutterstock.

Swedish fintech Open Payments has raised €3m ($3.12m)  in a funding round, spearheaded by Alfvén & Didrikson. 

The fundraise also included contributions from Industrifonden and other existing investors.  

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This investment is said to fuel the company’s growth, product development, and its goal to simplify B2B payments throughout Europe. 

Set up in 2017, Open Payments aims to tackle the challenges businesses encounter when incorporating multiple banking services into their systems.  

Alfvén & Didrikson, along with Industrifonden, will be the largest shareholders in Open Payments with the investment. 

The company’s other existing owners include Sony Financial Ventures, GlobalBrain, Luminar Ventures, and Brightly Ventures.  

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The deal currently awaits regulatory clearance from the SFSA, and upon completion, Emil Ahlanzberg, Investment Associate at Alfvén & Didrikson, will secure a seat on the Open Payments board. 

The platform combines open banking API connections with ISO-based payment integrations, Open Payments offers a solution for managing domestic and cross-border payments, account reconciliation, and cash management. 

In 2024, the company is said to have tripled its transaction volumes, doubled revenue, and attained complete coverage of the Dutch B2B banking sector. 

Alfvén & Didrikson partner Måns Alfvén said: “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. We are very impressed by Open Payments’ team and we’re thrilled to support their journey and help them scale to new heights.” 

Open Payments CEO and founder Louise Brandt added: “We’re 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.” 

Recent product developments from Open Payments include enhanced cross-border payment features that offer lower exchange rates, real-time access to rates for more efficient bookkeeping, and same-day settlements integrated directly into users’ financial systems.