Bits Raises €1M Pre-Seed to Help Tech Firms Build Financial Services

In early September 2022, Swedish startup Bits announced a €1M pre-seed funding round to advance its platform for embedding financial services into technology products. Bits provides low-code integration tools that enable tech companies to build and manage financial service offerings without deep financial infrastructure expertise. The platform leverages open banking APIs to facilitate account connectivity and financial data access.

The funding will be used to accelerate product development and expand Bits' market reach among technology firms looking to add financial features. While not a pure BaaS provider, Bits operates squarely in the embedded finance space by abstracting banking functionality for non-bank distribution. Specific investors were not detailed in the available reporting.

The raise reflects continued investor interest in tools that lower the barrier for non-financial companies to offer financial products.