Token, an open banking payments platform, announced on Wednesday it raised $15 million through its Series B financing round, which saw participation from SBI Investment Co. Ltd. Sony Innovation Fund By IGV, Octopus Ventures, EQT Ventures, and BNP Paribas’ venture arm Opera Tech Ventures.
Founded in 2016, Token describes itself as an open banking payments platform that’s driving the “shift” from traditional payment methods to bank payments with Pan-European bank connectivity, data, and compliance capabilities.
“With Token’s complete toolkit, merchants, PSPs and banks create new capabilities and revenue streams through our broadest, Pan-European connectivity to over 3,000 banks. Token is both bank and developer-friendly, and multi-standard by design.”
Token also claims that its service, Token Pay, offers the “simplest way” to bypass traditional methods and accept faster, lower-cost bank payments. The service notably provides secure, unified access to banks in Europe to initiate real-time, account-to-account payments straight from apps and websites.
While sharing more details about the company’s progress and the investment round, Todd Clyde, CEO of Token, stated:
“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.”
Token added its customers include BNP Paribas, and HSBC which recently launched its alternative to online payments, HSBC Open Payments. Other recent announcements include the European PSP Contis, the Banking-as-a-Service provider OpenPayd, the popular Italian messaging app UpCo, and personal finance management tool Money Dashboard.