Thursday 12 May 2022 – Open bank payment platform, Token.io, announces today that it has raised $ 40 million in a Series C funding round led by Cota Capital and TempoCap, with participation from Element Ventures, MissionOG, PostFinance and existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment. Torch Partners advised the financing.
Funding comes from a group of investors with deep fintech and payments experience, with a track record of supporting disruptive payment companies on fast-growing trajectories. This strengthens Token’s leadership position in Europe as an enabler of open bank payments for payment service providers (PSPs), banks and large merchants.
Token will use the capital to continue driving the shift from traditional payment methods such as cards and wallets to banking-enabled Account-to-Account (A2A) payments. It will do this by differentiating its purpose-built platform for existing payment service providers and expanding open banking connectivity across Europe. Token platform features that will be further enhanced at an accelerated pace include premium API (Application Programming Interface) for variable recurring payments and open finance functionality.
“Over the next four years, the global value of open banking payments is expected to exceed $ 116 billion, with Europe accounting for 75% of all transactions,” said Todd Clyde, CEO of Token.io. “Europe has become a world leader in open banking, open finance and real-time payments and Token occupies a unique position in the market. With this investment, we will continue to expand open banking connectivity and push the boundaries of functionality beyond. the regulatory requirements to make A2A payments a traditional payment method “.
“Token has enjoyed winning deals with major channel partners and some of the largest global commercial buyers,” said Cota Capital partner Kevin Jacques. “We believe payments represent the biggest disruption and opportunity in open banking and that Token is well positioned to benefit from the continued growth of low-cost, low-friction A2A payments. We are thrilled to work with the talented and experienced Token team as it grows. “
“Token’s A2A payment offering offers faster and safer payments than traditional methods at a lower cost. Token technology enables an impressive array of payment service providers to deliver seamless experiences to their merchant customers and, in turn, to end users, “comments Adam Shepherd, TempoCap Investment Partner.” Our previous investments in TempoCap they showed us the growing importance of embedded finance and we are delighted to support the Token team in this next phase of the company’s growth. “
Customers plug and play, white label or who have used Token.io’s open banking infrastructure to create their offerings include BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Sonae Universo, Volt and Vyne .
Beckie Richardson | [email protected]
Speaking of tokens
Token is an open banking platform driving the shift from card to account-to-account bank payments in Europe.
Since 2016, Token has pioneered innovation in payment initiation and data aggregation technology, making history by conducting the first end-to-end payment via a UK public bank API in 2018.
Today, Token offers the best open payment and data connectivity in Europe, in 16 EU countries, representing over 210 million potential end users of Open Banking services and over € 13 trillion in customer deposits. All through a single API and interface.
Token’s focus on payments has enabled it to develop advanced features that make accepting direct bank payments elegant and simple, while its business-centric approach allows other players in the existing payment value chain to bring bank payments. directed to its customers. Token processes tens of millions of open payments each year for over 80 payment service providers, gateways, banks and large merchants.
With Token’s comprehensive open banking toolkit, businesses create new capabilities and revenue streams, merging API-based payments and data to reinvent financial experiences faster and more efficiently. The token also provides access to the aggregated bank account and transaction data for smarter onboarding, deeper insights, and instant authentication.
Headquartered in London, Berlin and San Francisco, Token’s global team of professionals has deep experience in the payments industry that its partners rely on to future-proof their payment strategies.
Regulated by FCA and BaFin, and PCI-DSS Level 1 and ISO 27001: 2013 certified, Token is bank and developer friendly, multi-standard, and channel-ready by design.
Token.io secures £ 32.80 million investment in Series C led by Cota Capital and TempoCap – UK technology investment news
Source link Token.io secures £ 32.80 million investment in Series C led by Cota Capital and TempoCap – UK technology investment news