Studio VC and Other Leading FinTech Investors Participate in the Round
AUSTIN, TX / ACCESSWIRE / November 11, 2020 / AppBrilliance, an Austin-based payments technology startup, today announced it has closed over $3 million in seed financing as it lays the foundation for true open payments and open banking technology for US businesses. AppBrilliance's technology for open payments and banking liberates businesses from having to rely solely on traditional payment processors for taking payments.
"Our patented technology is breaking down barriers in the payments and banking space with far reaching implications for both," said C. Eric Smith, CEO and co-founder of AppBrilliance. "With our seamless non-custodial solutions, we enable real-time open-payments ecosystems that allow businesses to move away from expensive debit and credit processors. By combining our patented non-custodial technology for real-time payments with deep account control, we enable trusted business to go beyond what is possible today and save up to 75 percent on payments processing."
For decades, retail payments have relied on legacy "pull-based" card-processing rails that have remained largely unchanged to the benefit of the biggest card processors and issuing banks. Credit and debit card transactions have increased dramatically over the last decade and the costs for processing these payments for businesses of all sizes has continued to grow as a percentage of revenue. In fact, even in these uncertain times, US businesses pay over $120 billion dollars per year to process consumer payments. Companies like Visa, Mastercard, Fiserv and Stripe reduce profit margins by standing in between businesses and over $4 trillion in annual US consumer spending.
AppBrilliance's patented technology and non-custodial Money API™ removes barriers to interacting with bank accounts, enabling instant and secure "push" payments to consumer's favorite businesses. While other startups and financial data aggregators have taken incremental steps to connect to consumers financial institutions, none have opened the door for a new payment ecosystem. By combining a novel, non-custodial funds-flow and data model with real time account visibility and control, AppBrilliance is leading the way for change in the payments industry.
Giving consumer's tools to interact with their finances and financial data is core to AppBrilliance's mission and is the foundation for extending open banking and payments in the US and beyond. AppBrilliance's Money API™ is the first secure, non-custodial option for enabling next-generation real-time payments and contactless check-out experiences both in-app and in-browser that reduce payment processing costs by 75 percent or more. Businesses using the Money API™ can save billions annually and pass those savings on to their shareholders in terms of improved profits, or to consumers in the form of rewards or lower prices.
"Studio VC is thrilled to welcome AppBrilliance to our recently launched Fund II portfolio. Prior to making our investment, the Studio VC team reviewed nearly 50 fintech and payments opportunities - AppBrilliance is the type of game-changing technology that our Partnership at Studio VC hunts for every day," said Joseph Coyne, partner and chief investment officer of Studio VC. "We're excited to support Eric and his team of industry veterans as they upend a massive market that has been stagnated for decades."
Founded by software industry and payments technology veterans, C.Eric Smith, David Fruhling and Sergio Ayestaran, AppBrilliance plans to deploy this capital to expand on the current technology, as well as sales and engineering teams to support its growing customers in 2021. To learn more about AppBrilliance's Money API™, please visit:https://www.appbrilliance.com/
AppBrilliance liberates businesses by bypassing payment processing networks and risky financial data aggregators with its open banking and open payments tools. The company's patented technology and smart APIs remove barriers to bank accounts, so consumers can instantly and securely push payments to their favorite businesses. AppBrilliance is committed to reinventing payments and enabling next-generation FinTech applications that are built on the principle of empowering consumers to control their money and financial data. For more information, please visit:https://www.appbrilliance.com/
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