Brite Payments rolls out Pay by Bank in UK after securing FCA licence

Brite Payments has begun rolling out its Pay by Bank service in the UK, after securing an Electronic Money Institution licence from the Financial Conduct Authority.

The company, headquartered in Stockholm, connects more than 3,800 banks across 27 European markets and is backed by $60 million in funding led by Dawn Capital.

The launch coincided with research by Appinio, commissioned by Brite Payments, which surveyed 2,000 UK adults between 1 and 2 September 2026. Respondents were split evenly by gender and had an average age of 42.9.

The survey found that 47% of shoppers suffer checkout rage when shopping online, a figure that combines the 31% who said they were frustrated by slow checkouts and 16% who admitted swearing or shouting at the screen.

Almost a quarter, 24%, said they had avoided a purchase because of concerns about returns, while 15% said they bought less to limit the risk of needing a refund.

Poor payment options also had consequences for retailers: 19% of shoppers said they would blacklist a retailer with poor payment options, and 23% said they had abandoned a purchase to avoid finding a physical card. A further 25% reported a payment failing due to an input error, expired card or security glitch.

The company highlighted wider market context: cross-border card fees on UK to EEA online payments have risen fivefold since Brexit, and around 95% of UK card transactions still run through Visa or Mastercard.

According to the survey, more than 60% of shoppers said they would rather use a payment provider not at risk of disruption from problems in another country, and 58% said they would choose a UK or European provider over an overseas alternative.

Brite Payments was founded in 2019 and launched its Pay by Bank business the same year.

Lena Hackelöer, founder and chief executive of Brite Payments, said: “The UK is one of the most mature open banking markets in the world, but it’s been dominated by overseas card networks and reliance on legacy providers built for a single market. Both merchants and consumers are not just losing out, but are actively impacted, as our survey results show.”

She added: “Today’s launch is an exciting moment in a post-Brexit world, as UK merchants can easily start offering Pay by Bank to their local customers and customers across Europe, enabling their expansion internationally.”