London’s fintech startup Token secures €12.4M to grow its open banking payments platform across Europe

Open banking is one of the fintech trends thriving in the current digital banking era. As a result, many fintechs and financial institutions are offering this tech to their customers. Open banking lets third parties access the banks’ financial details and come up with new products and services. Also, it gives account holders more financial options centred around transparency. As a result, several fintechs provide open banking services and one such company is London-based Token.

Secures Series B funding

In a recent move, Token bagged $15M (nearly €12.4M) Series B funding. The round was led by SBI Investment Co. Ltd. and Sony Innovation Fund by IGV. Also, existing investors such as Octopus Ventures, EQT Ventures and Opera Tech Ventures took part in the funding round.

Token announced that it will use the investment to drive the shift from traditional payment methods to account-to-account payments by offering the simplest and fastest way to adoption for large merchants, PSPs and banking-as-a-service platforms.

Todd Clyde, CEO, Token says, “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.”

Authorised by the FCA

Founded in 2016 by Marten Nelson, Steve Kirsch, and Yobie Benjamin, Token established a lead in the UK open banking payments quickly. It is one of the first UK companies to be authorised as a payment initiation and account information service provider by the Financial Conduct Authority (FCA). Also, it is the first one to conduct an end-to-end payment via a PSD2-compliant bank API.

Currently, the fintech builds a stack of open payment and data services that are powering a range of corporate and consumer use-cases. Also, it lowers the cost of digital payments across Europe.

About Token

Token is a London-based open banking payments platform driving the shift from traditional payment methods to bank payments with best-in-class, Pan-European bank connectivity, data and compliance capabilities. Token Pay offers the simplest way to bypass traditional methods and accept faster, lower-cost bank payments. It offers secure and unified access to banks in Europe to initiate real-time account-to-account payments directly from apps and websites.

With offices in London, San Francisco and Berlin, Token’s customers include BNP Paribas and HSBC. Its recent announcements include the European PSP Contis, OpenPayd, UpCo, and Money Dashboard.