Austin, Texas-based Fintech startup AppBrilliance raised US$ 3 Million in Seed Funding on 11 November 2020, as it laid the foundation for true open payments and open banking technology for US businesses.
AppBrilliance plans to utilize the capital to expand on the current technology, as well as sales and engineering teams to support its growing customers in 2021.
About AppBrilliance
Founded by software industry and payments technology veterans, C.Eric Smith, David Fruhling and Sergio Ayestaran, 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 that consumers can instantly and securely push payments to their favourite businesses. The startup wishes to reinvent the payments and next-generation FinTech applications that are built on the principle of empowering consumers to control their money and financial data.
“Our patented technology is breaking down barriers in the payments and banking space with far-reaching implications for both. 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 businesses to go beyond what is possible today and save up to 75 percent on payments processing,” said C. Eric Smith, CEO and co-founder of AppBrilliance.
Providing consumers with 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. Its patented technology Money API(TM) 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 reduces payment processing costs by 75 percent or more.
Even companies like Visa, Mastercard, Fiserv and Stripe reduce profit margins by standing in between businesses and over US$ 4 trillion in annual US consumer spending. But businesses using AppBrilliance’s Money API(TM) 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.
What Investors have to say
“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. We’re excited to support Eric and his team of industry veterans as they upend a massive market that has been stagnated for decades,” said Joseph Coyne, partner and chief investment officer of Studio VC.
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