Venture capital firms from Japan have joined a $3 million funding round for Open Payments, a Swedish payments company. The round will enable Open Payments to accelerate its expansion plans and bring its open banking platform to new markets.
Open Payments offers a range of solutions that allow businesses to streamline their payments processes, including payment initiation, account verification, and bank statement retrieval. The company’s open banking platform also provides access to a wide range of banking data, enabling businesses to make better-informed decisions about their finances.
The funding round was led by Nordic VC firm Industrifonden, with participation from Japanese investors such as DNX Ventures, B Dash Ventures, and VMS Investment Group. The involvement of these Japanese investors is seen as a significant endorsement of Open Payments’ technology and its potential for growth in the Asia-Pacific region.
Open Payments’ open banking platform is expected to be particularly appealing to businesses in Japan, where open banking regulations are expected to be introduced later this year. The platform will enable Japanese businesses to access a wealth of financial data and improve their payments processes, making it easier for them to manage their finances and grow their businesses.
The funding round represents a major milestone for Open Payments, which has seen strong demand for its solutions in Europe and is now poised to expand into new markets. With the support of its investors, the company is well-positioned to capitalize on the growing demand for open banking solutions and drive innovation in the payments industry.