Knot, a NYC-based platform that enables card issuers to automatically switch saved payment methods at the request of their users, raised $10m in Series A funding.
The round was led by Nava Ventures, with participation from Amex Ventures, Plaid, and 20+ world-leading CEOs and founders.
The company intends to use the funds to scale services and accelerate the expansion of its merchant support.
Led by Rory O’Reilly, CEO, Knot is a go-to solution for card issuers looking to increase user spend and reduce churn. Its API offers card issuers the ability to instantly update card-on-file information at almost any merchant with a few lines of code, meaning an easier onboarding experience for consumers, and more revenue and retention for the bank.
Knot will also use this funding to scale additional products such as the Knot Subscription Canceller and Account Creator, to help financial institutions integrate into their customer’s digital lives.
FinSMEs
03/08/2023