Brite Payments launches Pay by Bank in the UK after securing an EMI licence from the FCA

Brite Payments has received an Electronic Money Institution licence from the Financial Conduct Authority and is starting a phased roll-out of its account-to-account payments in the UK. Through a single API, UK merchants can accept Pay by Bank domestically and across Brite's European network of more than 3,800 banks in 27 markets, plus payouts.

Founded in 2019 in Stockholm by CEO Lena Hackelöer, Brite combines local payment rails, open banking and its own Brite Instant Payments Network. It is backed by Dawn Capital.

The company points to more than 15 million open banking users in the UK. A survey of 2,000 UK adults run for Brite by Appinio found 47% had experienced checkout rage online, 23% had abandoned a purchase to avoid finding their physical card, and 76% were familiar with Pay by Bank.

Hackelöer said the UK market has been dominated by overseas card networks and single-market legacy providers, and framed the launch as a post-Brexit route for UK merchants to sell into Europe.

Source in the comments, plus where to find my weekly fintech newsletter.