Payer granted upgraded license by Finansinspektionen
The Swedish payments company Payer is growing steadily in the Swedish market. The company that is specialised in business-to-business (B2B) payments have now been granted the status ‘Payment Institution’ by the Swedish Financial Services Authorities.
Payer has established a strong position in the fast growing market for e-commerce between companies in Sweden. It estimates in 2020 to reach 152 billion SEK. Many companies are yet to start the digitalisation of their payment flows. According to Frost & Sullivan, the global market for B2B e-payments is growing at 19% per year and is expected to reach $6.7 trillion by 2020 – more than double the size of the $3.2 trillion B2C e-payments market*.
What does Payer’s license as Payment institution entail?
Payer is now approved to:
- process payments with a volume larger than 3 million Euros per month.
- initiate all type of payments with the EU (PISP)
- connect to all banks within the EU to build services on corporate accounts (AISP)
- act as third party in Open Banking between users and all banks within the EU
“If the complexity within B2B is big are the volumes much larger in traditional B2C e-commerce. The new license as Payment Institution is increasing our scalability and make it possible to process much larger volumes than before. This is in line with our customers desires. But this is especially a receipt that we have top-class routines and processes.”, says Peder Berge Founder and CEO of Payer.
Payer has today a few hundred clients and is processing payments volumes of 500 million SEK annually. The company’s revenue grew with 100%, during the first half of 2019 compared to last year and reached 5,7 million SEK.
“Payer offers both a technical platform with standard payment methods and the possibility to design unique payment flows to match larger customer often complex needs. Above all, it is our proprietary invoicing solution that makes these payment flows possible.
We work very closely with our customers in commercial transformation projects where payments is a very central part. This innovative part of the company is something we call Payer Labs and makes us very unique in the payments market.”, says Peder Berge.
*Future of B2B Online Retailing (Frost & Sullivan, 2015)
Payer simplifies payments between companies. Payer’s services for e-commerce help companies to create amazing payment experiences online, which created sustainable relationships and increase their sales. Payer was founded in 2007 and has since the start delivered secure and smart payment solutions for e-commerce. Today, Payer is one of the leading companies in the Nordics with focus on payments for e-commerce between companies, B2B.
Peder Berge, CEO and Founder, Payer