The funding round was led by Mouro Capital with participation from Anthemis, Portfolio Ventures and others. These funds aim to accelerate the global expansion of Burbank's platform.
CPoI adds to two-factor authentication by enabling card-present (CP) payments in online channels. When shopping online, consumers can now tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store.
Online payments are usually Card-Not-Present (CNP) transactions, which have increasing levels of chargebacks, fraud, and false positives. This results in a more challenging and expensive experience for both the shoppers and merchants. Burbank’s platform aims to eliminate these challenges and remove barriers to online shopping by allowing consumers to pay online the same way they do in-store, resulting in a better online experience. By not including their card information on merchant sites, shoppers can make convenient and more secure purchases.
Burbank believes that payments should be the same for everyone, regardless of channel. In-store, customers pay in a familiar and trusted way by tapping their card and utilising their PIN. The company wants to enable the same experience for online shoppers for a familiar, simple, and secure experience.
Burbank offers integration through a single while-label SDK, which securely integrates into existing technology stacks and supports multiple schemes on iOS and Android. CPoI is a protocol that legally shifts liability away from the merchant, and Burbank’s investors believe this is a scalable approach with global demand.
Burbank’s platform offers convenience and security, supporting consumer-facing businesses to optimise their customers’ experience and unlock new revenue opportunities. The platform is easy to use, intuitive and secure to help merchants and businesses grow and improve customer interactions.
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