Sweden’s Open Payments raises €3m in funding to ‘accelerate’ B2B payments

Swedish Open Banking platform Open Payments has raised €3 million in a funding round led by Alfvén & Didrikson, as it eyes continued growth and further product development.

Industrifonden also participated in the round, alongside other existing investors.

Alfvén & Didrikson, together with Industrifonden, will become the largest shareholders in the company, subject to regulatory approval by the Swedish Financial Supervisory Authority.

Emil Ahlanzberg, investment associate at Alfvén & Didrikson, will join the board of Open Payments.

According to Louise Brandt, founder and chief executive officer of Open Payments, the company was founded in 2017 to simplify banking integrations by aggregating multiple bank APIs into one single API.

This was in response to what its founders saw as the complexities and inefficiencies faced by businesses when integrating multiple banking services into their systems, potentially resulting in errors and high costs.

Its Open Banking platform combines Open Banking API connections with ISO-based payment integrations to enable management of domestic and cross-border payments, account reconciliation, and cash management.

Open Payments’ clients include ERP systems, treasury systems, and accounting providers, including Monitor ERP, Treasury Systems, Juni Technologies, Bjorn Lunden, and Speedledger.

Last year, Open Payments achieved full coverage of the Dutch B2B banking landscape, and now has plans for broader European expansion.

Recent product launches include cross-border payment capabilities that offer real-time access to rates for streamlined bookkeeping, and same-day settlements embedded directly in financial systems.

“Our ability to combine Open Banking and ISO integrations in one API is what sets us apart,” said 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,” added 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.”

Open Payments’ existing investors include Sony Financial Ventures, GlobalBrain, Luminar Ventures and Brightly Ventures.