By streamlining infrastructure workflows for fintech companies, Bits Technology raises €1 million

Fintech seeks to make financial services easier for customers worldwide to manage their money and related items. Yet achieving this ease for customers is not without obstacles for fintechs themselves. Currently, fintech companies struggle to streamline infrastructure workflows during initial product development and also during product expansion phases. This results in complicated service provider integrations that lead to long times to market and a ripple effect of other problems.

Enter Swedish company Bits Technology, which has closed a €1 million pre-seed funding round to rethink and ultimately reshape how global fintechs build financial services. The round was led by early-stage European venture capital firm Cherry Ventures and supported by Alliance Ventures, Forward VC and Greens Ventures. The team also received additional support from a super group of angel investors from fintechs and SaaS companies in the Nordics and beyond, such as Klarna, iZettle, Pleo and Moss. The funding will fuel business development and accelerate recruitment across engineering teams as it ramps up its launch.

Founded by Jonatan Klintberg, Robin Lantz, Fredrik Eriksson, the platform both orchestrates and automates the administration of other fintech infrastructure providers with a low-code experience. Using Bits, fintech companies – namely their product and development teams – around the world can securely manage and optimize the integrations needed for their solutions. By doing so, Bits will make fintech’s product development and go-to-market timelines far faster and more efficient.

Jonatan Klintberg, co-founder and CEO added: “With the Bits platform, fintech companies will be able to shorten development time by connecting to these external service providers through a 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 added: “We are driven to support founders who simplify and improve the customer experience. Bits helps fintechs create financial services products with ease. The first step is for them to create a platform that automates the management of other fintechs -infrastructure providers. This leads to shorter lead times and faster expansion rates, benefiting the entire ecosystem.”