Open banking platform Token has raised $ 40m (£ 32.8m) in a Tier C round of funding co-sponsored by Cota Capital and TempoCap.
Token, headquartered in London, is using open banking technology to transition from card – based to bank payments, with the aim of reducing costs. The company said it will use the new funds to expand its open banking platform across Europe.
Token provides open payment and data connectivity in Europe via API and interface. People like HSBC, Mastercard and Volt use their technology.
In 2018, Token made its first end-to-end payment via a public bank API.
“Over the next four years, the global value of open banking payments is estimated to exceed $ 116bn, with Europe accounting for 75% of all transactions,” said Todd Clyde, CEO, Token.io.
Additional investment came from Element Ventures, MissionOG, and PostFinance, with existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment providing additional funds.
“A2A Token payments offer delivers faster and more secure payments than traditional methods and at a lower cost. Token technology is enabling a great array of payment providers to offer seamless experiences to their trading customers and, in turn, end users, ”said Adam Shepherd, investment partner of TempoCap.
Founded in 2015, Token has offices in London, San Francisco and Berlin.
The latest round continues from Round Series B Token in January 2021 for $ 15m (£ 12.2m).
According to Dealroom data, Token has received $ 90m (£ 73m) funding to date and the company is valued at $ 160-240m (£ 131-196m).
Token open bank payments firm has received £ 32m for European expansion
Source link Token open bank payments firm has received £ 32m for European expansion