Casumo investor to challenge instant banking monopoly in Nordics
AGOF has acquired a 20% stake in Swedish payments provider Brite with plans to enter egaming industry
Casumo investor A Group of Friends has acquired a 20% stake in Stockholm-based payments provider Brite which specialises in BankID-powered instant payments in the Nordics.
Brite has developed its own Pay & Play platform that also offers subscription schemes, KYC and customer authentication.
Speaking to EGR, AGOF founder Nicolai Chamizo said he had discovered the company during a search for a provider that could rival the current monopoly on instant payments in the Nordics.
“We want to break down the monopoly for instant banking in the egaming industry. There are currently two players owned by the same entity,” Chamizo said.
“I tried to find a company that could break up the monopoly and through a lot of digging and networking I found Brite and was very impressed with their technical platform.”
Brite’s senior management team has a combined 50 years in the fintech and technology industries, with CEO Oscar Watz having previously worked as head of Twitter in the Nordics.
“We will compete with other providers with great support, good back office systems and a very attractive price model,” Chamizo said.
AGOF last week invested in onboarding firm Regily, and also owns a 20% stake in Push Gaming as well as its investment in Casumo.