Token, Inc., a San Francisco, CA-based open banking platform provider that enables banks to generate revenue from the European Payment Services Directive (PSD2), raised $15.7m in Series A funding.
Backers included Octopus Ventures, EQT Ventures, OP Financial Group, Plug And Play Ventures and Digital Currency Group.
From January 2018, the European Payment Services Directive, PSD2, will require banks to grant account access to a variety of customer-permitted third party service providers for the purpose of payment initiation and retrieving information. Founded in 2015 by Steve Kirsch and Yobie Benjamin, Token provides an open banking platform that allows banks to meet these compliance requirements while also creating opportunities to generate new revenues. In addition to being a PSD2 compliance solution, the company also offers programmable money capabilities for banks to create revenue from a number of high-value business cases including e-commerce checkout, B2B payments, bill pay, and many more.
Token operates a European office in London, appoints COO Todd Clyde, and has strategic partnerships with Fidor Bank and OP Bank.