Following the successful launch of its instant pay-ins solution in Estonia earlier this year, Brite Payments is extending the coverage of its services fully across the Baltic region.
Utilising the open banking framework, the Stockholm-based instant payments specialist facilitates account-to-account (A2A) payments without requiring customers’ input of card and personal data.
The solution enables customers to make payments directly from their bank account with a single authentication step; except for cases where regulation applies.
Additionally, its pay-outs solution facilitates the receipt of funds from merchants to consumers in fields such as insurance, financial investment and gig economy wages.
The company is now offering its instant pay-ins and pay-outs products in Estonia, Latvia and Lithuania.
The Baltic region, with a population of more than six million, has become a fintech hotspot and is at the forefront of digitalisation and developing technical infrastructure.
Brite’s expansion presents an opportunity for the company to offer A2A payment products with which consumers are already familiar and ready to adopt.
The company’s announcement follows a period of reportedly strong demand for its solutions with several milestones achieved this year.
These milestones include the launch of its Single Sign product and a notable partnership with the European payments company, SOFORT. The business recognises its growth trajectory with several recent strategic hires to support its upcoming market expansion plans.
Brite’s growth in the Baltics will be supported by preexisting consumer preferences for its A2A solution alongside its already established presence in the region.
Future plans
“We are really proud to announce that we now offer full coverage across the Baltic region, and are able to impactfully serve both local and Nordic merchants,” comments Lena Hackelöer, the company’s CEO and founder.
“This move represents another big stride forward in our mission to bring quick, easy and secure instant payments to customers and merchants across Europe,” she continues.
“The Baltics have been on our radar since our inception in 2019 and we have been really pleased to see the population’s adoption of digital payments.”
The company is continuing to expand its product portfolio in tandem with the expansion of its services. This will reportedly include developments built on PSD2 APIs.
In addition to this, the company’s processed transaction volume has doubled over the past year; with its recent Baltics launch expected to further drive its user growth.
“Customer convenience is at the forefront of what we have created at Brite, and now with full product coverage in the Baltics, we will allow users to authenticate and pay instantly, as efficiently as possible,” Hackelöer continues.
