Token, an open banking payments platform, announced that it has raised a total of $15 million in Series B funding backed by SBI Investment, Sony Innovation Fund by IGV, and existing investors including Octopus Ventures, Opera Tech Ventures and the venture arm of BNP Paribas.
According to the official announcement, Token aims to explore new opportunities within the open banking digital payments infrastructure through innovative technology. The fintech firm also mentioned its mission to shift the traditional payment methods to account-to-account digital payments.
Founded in 2016, Token received a license from the Financial Conduct Authority and became the first payment initiation service provider to conduct an end-to-end payment through a PSD2-compliant bank API in 2018.
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Commenting on the recent funding round, Todd Clyde, CEO of Token, said: “The market’s appetite for open payments accelerated dramatically last year as more merchants and payment providers have tuned into the cost and efficiency gains that they offer. Token’s payment volumes have more than doubled every month since March, and our platform is now processing live transactions through PSD2 APIs from over 600 banks in 14 countries across Europe. This Series B investment reconfirms Token’s leadership in the open payments space and will ensure our platform development continues at pace.”
The open banking payments platform has seen significant growth in recent years due to an increase in adoption. Token has offices in London, San Francisco and Berlin along with a wide list of customers including BNP Paribas and HSBC.
“The combination of Token’s unrivaled bank connectivity and depth in payment services clearly marks the company out as a market leader. We believe it has continued to outperform the competition throughout the year and has a clear roadmap for development in 2021. We’re very excited to be part of Token’s mission to equip the key players in the payments market with open payments capabilities,” Yoshitaka Kitao, Director & Chairman of SBI Investment said.