Cardiff-based Burbank secures €5.9M to transform online payments with tap-and-PIN technology

Cardiff-based Burbank, a payments technology company, has raised £5M (nearly €5.98M) in a seed round. The round was led by Mouro Capital, with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures, and others.

Manuel Silva Martinez, General Partner at Mouro Capital, says, “I’m thrilled to support Justin and his team of payments experts.”

“Burbank offers a simple, seamless integration through a single while-label SDK, which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.”

Secure online payments with tap-and-PIN authentication

Burbank has developed a payment authentication technology that allows consumers to verify transactions using the tap and PIN method. This approach is integrated into the company’s Card-Present over Internet (CPoI) solution, which makes it possible for online transactions to be processed as Card-Present payments.

Previously, online transactions were classified as Card-Not-Present (CNP), which led to higher fraud risks, chargebacks, and incorrect transaction rejections. By enabling Card-Present authentication online, CPoI helps merchants lower fraud and processing costs. 

The technology is embedded in mobile applications and ensures secure transactions with a scalable and efficient system.  

Consumers can complete purchases by tapping their card on a mobile device and entering their PIN, similar to in-store payments. This change improves transaction security and accuracy while reducing costs for businesses.

Capital utilisation

The funds will support the launch and global expansion of Burbank’s Card Present over Internet (CPoI) payments platform.

Justin Pike, founder and CEO of Burbank, says, “We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel.”

“In-store, we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.”

Ruth Foxe Blader, General Partner at Foxe Capital, adds, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”