Token secures USD 15 mln Series B to power open payments across Europe

Wednesday 27 January 2021 10:57 CET | News

Open Banking payments platform Token has announced USD 15 million in Series B financing.

The company is welcoming investment from SBI Investment and Sony Innovation Fund by IGV as well as from existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures. 

The capital enables Token to continue driving the shift from traditional payment methods to account-to-account payments by providing a path to adoption for large merchants, PSPs and banking-as-a-service platforms. 

Founded in 201, Token was one of the first UK companies to be authorised by the Financial Conduct Authority (FCA) as a payment initiation and account information service provider. In 2018, the company became the first payment initiation service provider to conduct an end-to-end payment through a PSD2-compliant bank API.

Today, Token continues to build out its stack of open payment and data services, which are already powering a range of corporate and consumer use-cases, lowering the cost of digital payments across Europe and delivering unrivaled breadth of API connectivity. Inaugural open payment use-cases include funding an account, paying-off a credit card, paying a utility bill and other one-off payments.  Complimentary open data use-cases include accounting package integration, credit risk analysis and cash flow management, plus a host of additional use-cases which leverage value-added functionality, are already starting to emerge.

Token’s customers include BNP Paribas, and HSBC which recently launched its alternative to online payments, HSBC Open Payments.  Other recent announcements include the European PSP Contis, the Banking-as-a-Service provider OpenPayd, the popular Italian messaging app UpCo, and personal finance management tool Money Dashboard.

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Keywords: Token, open payments, Europe, Open Banking, ccount-to-account payments
Categories: Banking & Fintech
Countries: Europe
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Banking & Fintech

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