Brite Payments Launches UK Pay by Bank Service After FCA Licence Approval

Swedish fintech Brite Payments has introduced its Pay by Bank offering to UK merchants after obtaining an Electronic Money Institution licence from the Financial Conduct Authority.

The service allows British businesses to process domestic Pay by Bank transactions through a unified API integration. That same connection gives merchants access to Brite Payments' European footprint, spanning over 3,800 banks in 27 markets.

Brite Payments founder and CEO Lena Hackelöer described the UK as one of the world's most advanced open banking markets, yet noted it remains heavily influenced by international card networks and legacy systems designed for individual markets.

Both merchants and consumers are not just losing out, but are actively impacted, as our survey results show.

Hackelöer positioned the launch as a significant development in the post-Brexit landscape, enabling UK merchants to offer Pay by Bank domestically and across Europe while supporting international expansion.

The company confirmed its UK deployment will proceed in phases. It framed the service as an alternative for merchants looking to reduce dependence on multiple local providers and manage settlement processes tied to existing agreements.

Brite Payments highlighted that the UK currently has more than 15 million open banking users, underscoring the market opportunity for account-to-account payment solutions.

Established in 2019, Brite Payments delivers instant payment, payout and data products using local payment rails, open banking infrastructure and its proprietary Brite Instant Payments Network.

Backed by Dawn Capital, the firm expanded its instant payment service into Germany during 2024, ahead of this UK market entry.