The Venture Codex

Participated · Seed · Dec 2020

ReceiptHero offers a digital receipt solution that eliminates paper receipts and converts them into real-time data delivered to merchants and customers. The product integrates with existing and new POS systems and stores payment details in a bank-level PCI environment; the company says it was the first to do so in 2021. ReceiptHero highlights benefits including cost and time savings for B2B users, enhanced customer loyalty, GDPR-compliant data analytics, and reduced environmental impact. It has strengthened partnerships with Worldline, Payone, and key POS partners who are reselling the solution. Regulatory changes across Europe (Finland’s eKuitti program, Sweden’s new legislation, France’s Anti Waste Law, AFIR, and the eUDI Wallet movement) are increasing demand for digital receipts. The company aims to serve over a million payment terminals in Europe and the UK and plans retail pilots in the US within the next 18 months. With growing inbound demand and a strong pipeline of merchants, acquirers, and partner apps, ReceiptHero plans to use new funding to accelerate international expansion. ReceiptHero is a Finnish fintech that has built an open ecosystem allowing banks and merchants to transmit itemised digital receipts into customers' banking or account apps. Founded in late 2018 after the team’s previous startup eTasku (acquired by Accountor Group), the company offers a fully end-to-end platform for transmitting receipts from merchants to banking or account apps. Over the past year the team has expanded integrations into merchant electronic cash registers (ECR) and payment service providers and has become PCI DSS compliant to store payment data when matching receipts to customers' bank cards. Large merchants have joined the platform, notably Neste (600 locations) and R-kioski (500 locations), and ReceiptHero is working with banks including Nordea (via Nordea Wallet) and a new partnership with SEB for Eurocard and future retail app integration. The team aims to scale digital receipts across borders and to integrate competing offerings so receipt vendors can interoperate. ReceiptHero has raised a €2 million seed round to support scaling into new markets and further integrations.

Participated · Seed · Jun 2019

Open Payments is a Swedish open banking platform that aggregates multiple bank APIs and ISO-based payment integrations into a single interface embedded in ERPs, payment providers and other financial applications. Its platform supports domestic and cross-border payments, account reconciliation, cash management, and same-day settlements. Recent product launches include cross-border payment capabilities with lower exchange rates and real-time access to rates to streamline bookkeeping. In 2024 the company achieved full coverage of the Dutch B2B banking landscape, forming a foundation for broader European expansion. Open Payments serves clients such as Monitor ERP, Treasury Systems, Juni Technologies, Bjorn Lunden and Speedledger. The company raised new funding to support continued growth, product development, and further expansion across Europe. Open Payments offers an Open Banking platform that shifts online banking functionality from banks to customers’ business systems and interfaces, enabling end users to approve and make secure, direct payments without logging into their online bank. The platform connects to commercial banks via API technology to enable services such as payments, account reconciliation, and cash management, and is designed to be embedded in client applications like ERP systems, payment providers, and fintechs. Its product is developed based on the European PSD2 directive. The company focuses on business-to-business (B2B) transactions and aims to support embedding online-banking functionality directly into clients' systems. Open Payments was founded in 2017 and is based in Stockholm and Vasteras, Sweden; CEO Louise Brandt previously held senior positions at Zettle by PayPal (formerly iZettle). The company plans to use recent funding to expand its European business reach and advance product development. Open Payments provides a modular Open Banking Platform that offers PSD2 API aggregation through a single, secure API, enabling businesses to integrate with banks and other financial services via pure APIs. The company is an FSA-licensed Payment Institute and allows third-party providers and business partners to develop products under their own brand while owning the user journey. Open Payments has launched services in Sweden and Finland and supports an ecosystem where partners can further enhance platform development. The company is led by CCO Louise Brandt and CEO Jonas Kjellin. It raised €3M in seed funding led by Industrifonden, with participation from existing investors Brightly Ventures, Luminar Ventures and angel investors. The firm plans to use the funds to grow the team and establish the platform across the Nordics and broader European market by the end of the year. Open Payments, founded in 2017 and based in Stockholm, has developed a PSD2 aggregated platform that initiates account-to-account payments and retrieves account information and transaction history on behalf of third-party providers with end-customer consent. The company exposes this functionality via a single API and provides a white-label development portal where third-party providers and business partners can build and deploy products under their own brand. Open Payments plans to grow its team and launch the platform across the Nordic and wider European markets. Its strategy emphasizes building an ecosystem of third-party providers and partners to enhance the development portal over time. Co-founders include former iZettle executive Louise Brandt (CCO) and Jonas Kjellin (CEO). The company raised seed capital to support team growth and market launch.