Fintech companies can quickly develop new ideas by connecting to external service providers through a single integration via the platform.
Fintech companies strive to make it easy for people around the world to manage their finances. However, this comes with its own set of difficulties. Specifically, fintechs have difficulties streamlining workflows for initial product development and expansion. This results in difficult service provider integrations that lead to longer launch timelines and additional problems.
Bits Technology is a Sweden-based company that recently closed a $1 million pre-seed funding round. The round was led by European early-stage venture capital firm Cherry Ventures, with additional backing from Greens Ventures, Forward VC and Alliance Ventures. Bits Technology intends to use the funding to accelerate recruitment and business development— ultimately reshaping how global fintechs build financial services. Additionally, the company obtained angel investment from several fintech and Software-as-a-Service companies in the Nordics and beyond; these include Klarna, iZettle, Pleo and Moss.
BitsNET was founded by Jonatan Klintberg, Robin Lantz and Fredrik Eriksson. It manages and automates the management of other fintech’s infrastructure providers with a low-code experience. BitsNET enables fintech companies— such as their product and development teams — to securely manage and optimize their integrations. This helps fintech companies accelerate their product development timelines and improve efficiency in their go-to-market strategy.
Jonatan Klintberg, co-founder and CEO of Bits added that “financial technology companies love building great products for their customers. However, they don’t want to waste their time building basic features that are easily accessible elsewhere. Bits provides a shortcut for these companies by allowing them to connect to external service providers through one single integration. This will allow them to focus on what they actually care about: developing great financial products for their users.
Sophia Bendz, partner at Cherry Ventures, said, “We back founders who make products that improve and simplify the user experience. Bits is one of these founders; they are creating a platform that automates the management of other fintech infrastructure providers. This leads to accelerated growth rates and shorter lead times— which benefits the entire fintech ecosystem.”