Token secures USD 40 million for Open Banking payments in Europe

Friday 13 May 2022 10:51 CET | News

Open Banking payments platform has raised USD 40 million in a Series C funding round.

The investment was co-led by Cota Capital and TempoCap, with participation by Element Ventures, MissionOG, PostFinance, and existing investors Octopus Ventures, Opera Tech Ventures, and SBI Investment. Torch Partners advised on the financing.

The funding comes from a group of investors with expertise in fintech and payments, with track records of backing disruptive payments firms on rapid growth trajectories. This reinforces Token’s position in Europe as the enabler of Open Banking payments for payment service providers (PSPs), banks and large merchants.

Token will use the capital to continue driving the shift from traditional payment methods like cards and wallets to Open Banking-enabled Account-to-Account (A2A) payments. It will do this by differentiating its purpose-built platform for existing payment providers and expanding Open Banking connectivity across Europe. Features of the Token platform that will be further improved at an accelerated pace include premium Application Programming Interfaces (APIs) for Variable Recurring Payments and Open Finance functionality.

Customers that plug and play, white-label, or have used’s Open Banking infrastructure to build their own propositions include BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Sonae Universo, Volt, and Vyne.

To find out more about Token, please click here.

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Keywords: Open Banking, investment, Token, Open Banking payments, account-to-account payment, Open Finance, Variable Recurring Payments
Categories: Banking & Fintech
Companies: Token
Countries: Europe
This article is part of category

Banking & Fintech


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