Token, an open banking payments platform, raised $15m in Series B financing.
Backers included SBI Investment Co. Ltd. and Sony Innovation Fund by IGV as well as existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures.
The company intends to use the funds to continue to expand its business reach and development efforts.
Founded in 2016 and led by Todd Clyde, CEO, Token provides an open banking payments platform driving the shift from traditional payment methods to account-to-account payments by providing a fastest and simple path to adoption for large merchants, PSPs and banking-as-a-service platforms. With its complete toolkit, merchants, PSPs and banks create new capabilities and revenue streams through Pan-European connectivity to over 3,000 banks.
Token Pay provides secure, unified access to banks in Europe to initiate real-time account-to-account payments straight from apps and websites.
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. Today, the company 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 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.
Customers include BNP Paribas, and HSBC which recently launched its fast and secure alternative to online payments, HSBC Open Payments. Other recent announcements include the European PSP Contis, the Banking-as-a-Service provider OpenPayd, the Italian messaging app UpCo, and personal finance management tool Money Dashboard.
Token has offices in London, San Francisco and Berlin.