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AppBrilliance snags $3m to take on payment processing industry

AppBrilliance snags $3m to take on payment processing industry

Open payment startup AppBrilliance has raised over $3 million in a seed funding round joined by Studio VC.

Austin-based AppBrilliance is seeking to disrupt the $4 trillion payment processing industry with its non-custodial technology promising true open payments and banking.

With the industry still largely relying on legacy “pull-based” card-processing rails, US businesses pay over $120 billion a year to process consumer payments, says AppBrilliance.

It is bidding to shake things up with its non-custodial Money API, removing barriers to interacting with bank accounts, enabling instant and secure “push” payments to consumer’s favourite businesses.

AppBrilliance says Money API enables next-generation real-time payments and contactless check-out experiences both in-app and in-browser that reduce payment processing costs by 75% or more.

C Eric Smith, CEO, AppBrilliance, says: "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."

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