The news
Brite Payments, a Stockholm-based pay-by-bank provider, said on September 29, 2026 that it is launching its account-to-account payments service in the UK after securing an electronic money institution licence from the Financial Conduct Authority (FCA). The rollout will be phased.
Pay by bank lets a shopper pay straight from a bank account, usually through open banking, the regulated system that lets approved firms connect to bank accounts with the customer's consent. Brite said UK businesses will be able to accept these payments domestically and across its European network through a single application programming interface (API), without managing separate local providers.
According to the company, that network connects to more than 3,800 banks across 27 European markets. As reported by The Paypers, Brite has run its pay-by-bank business since 2019 and uses local payment rails, open banking and its own Brite Instant Payments Network.
The licence itself is not new. The FCA's Financial Services Register lists Brite Payments Limited as an authorised electronic money institution, firm reference number 1033237, effective April 21, 2026, according to PaymentProviders.io, which reported the authorisation in June. Brite did not give a date for completing the UK rollout or name any UK merchants already live.
Founder and chief executive Lena Hackelöer said the UK is one of the most mature open banking markets in the world but has been "dominated by overseas card networks" and legacy providers built for a single market. She presented the launch as a way for UK merchants to offer pay by bank to customers at home and across Europe.
Brite paired the launch with a survey it commissioned from research firm Appinio of 2,000 UK adults. Brite said 47% of respondents had experienced what it called checkout rage, 23% had abandoned a purchase rather than find their physical card, and 76% said they were familiar with pay by bank. Brite also said 58% would choose a UK or European company over an overseas alternative. IT Brief reported that Brite is backed by $60 million in funding led by Dawn Capital.
The numbers
- Banks reachable through Brite's network (company figure)
- 3,800+
- European markets covered (company figure)
- 27
- FCA e-money authorisation effective date
- April 21, 2026
- UK adults in Brite-commissioned Appinio survey
- 2,000
- Respondents familiar with pay by bank (Brite survey)
- 76%
- UK open banking users (Brite figure)
- 15 million+
- Funding led by Dawn Capital (as reported by IT Brief)
- $60 million
Why CEOs should care
For UK merchants, CFOs and heads of payments, Brite adds another supplier to the UK pay-by-bank market. Before switching volume, ask for a written price per transaction and compare it with your blended card acceptance cost, including scheme and processing fees. Ask how refunds are issued, how fast funds settle, and how disputes work, since a bank transfer may not carry the chargeback process shoppers know from cards.
Merchants selling into Europe should test the single-API pitch market by market. Ask which of the 27 markets and which banks are live for UK merchants during the phased rollout, how currency conversion is priced, and what checkout completion rates Brite can show from its existing markets. Chief risk officers and CISOs should ask who carries fraud liability on bank-initiated payments, what authentication each bank requires, and how Brite, as a newly authorised e-money institution in the UK, safeguards customer funds.
Boards should read the consumer figures with care. The survey was commissioned by Brite to support its own launch, so it shows interest, not proven demand. A better test is a limited pilot on one product line or market, with clear targets for checkout completion and payment cost.
The bigger picture
Pay-by-bank providers are pitching themselves as an alternative to card networks, and Brite is adding a sovereignty argument. Hackelöer framed the launch around UK reliance on overseas card networks, and Brite said more than 60% of its survey respondents would rather use a payment provider that is not at risk of disruption caused by problems in another country. Brite also said the UK has more than 15 million open banking users, the base it is now targeting with its UK licence.
What’s next
Watch for the first named UK merchants on Brite, the pace of the phased rollout, and published pricing. Also watch whether large UK retailers and payment processors add Brite alongside existing pay-by-bank options, which would show whether a European network can win share in the UK.
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