Bits Technology, a Swedish startup that automates all layers of open finance, has closed €1 million in pre-seed funding.
Who invested in Bits?
The round was led by European early-stage venture capital firm Cherry Ventures (that backed ELISE and Medoma recently). The round also saw participation from Greens Ventures and gained additional backing from a group of angel investors who bring strategic experience from leading fintechs and SaaS companies in the Nordics and beyond, such as Klarna, iZettle, Pleo, and Moss.
Bits will use the investment to rethink and reshape the way global fintechs build financial services. The capital will primarily go towards business development and to accelerate recruitment across engineering teams with an outlook to their forthcoming launch.
Jonatan Klintberg, co-founder & CEO said, “With the Bits platform, fintech companies will be able to shorten their development time by connecting to these external service providers through one single integration, allowing them to focus on what they actually care about – building excellent financial products that their customers love.”
Sophia Bendz, Partner at Cherry Ventures said, “At Cherry, we are driven to back founders who are simplifying and improving the customer experience. With Bits, Jonatan, Robin, and Fredrik helping fintechs create financial services products with ease. First step is that they’re creating a platform that automates the management of other fintech infrastructure providers. This leads to shorter lead times and a faster rate of expansion, which benefits the entire ecosystem. We are incredibly excited to work with this super trio who have solid experience in the field and the right background to build this.”
Reshapes how fintechs build products
Fintech companies worldwide currently struggle with streamlining infrastructure workflows during initial product development and product expansion phases. This results in complicated service provider integrations leading to lengthy times-to-market and a ripple effect of other issues. Bits is building a product to improve this.
Headquartered in Stockholm, Bits was founded by Jonatan Klintberg, Robin Lantz, and Fredrik Eriksson in 2022. They have over a decade of experience at successful fintechs such as Tink and Klarna and big tech companies such as AWS and Apple.
The platform automates the management of other fintechs’ infrastructure providers with a low-code experience. By using Bits’ platform, the product and developer teams of fintechs can securely manage and optimise the integrations that are needed for their solutions. Eventually, Bits will make fintech’s product development and go-to-market timelines far faster and more efficient.
The company aims to utilise their combined experience plus a highly technical, design and customer centric strategy to execute on their product and vision.
