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Token raises USD 15.7 mln in Series A funding to help banks get the most out of PSD2

Wednesday 26 April 2017 | 09:24 AM CET

Token, an open banking solutions provider, has announced USD 15.7 million in Series A funding from Octopus Ventures, EQT Ventures and OP Financial Group.

From January 2018, the European Payment Services Directive, PSD2, will require banks to grant account access to third party service providers for the purpose of payment initiation and retrieving information.

Token’s open banking platform helps banks meet these compliance requirements. Token also offers programmable money capabilities, empowering banks to create revenue from business cases including ecommerce checkout, B2B payments, bill pay, and many more.

Token has also announced strategic partnerships with Fidor Bank and OP Bank, both known for their innovation in financial services.

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