18 October 2017
Find out more

Token raises $15.7 million as PSD2 approaches

24 April 2017  |  9835 views  |  0 back of one dollar note 2

API-based transaction network Token has secured $15.7 million in Series A funding from major investors including Octopus Ventures, EQT Ventures and OP Financial Group as it bids to capitalise on opportunities from the forthcoming implementation of the PSD2 directive in Europe.

Co-founded by serial entrepreneur Steve Kirsch and former Citigroup CTO Yobie Benjamin, Token's platform is capable of integrating with a bank's core system APIs and internal policies and procedures to provide a shortcut to cryptographically executing PSD2-compliant digital transactions.

OP Financial, which joins the funding round alongside lead investors Octopus Venture and Stockholm's EQT Ventures, earlier this month became the second European bank to sign up with Token following Germany's Fidor Bank.

Token’s software can be used to issue and redeem payment and account information authorisations as smart tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. Using the Token network, sensitive card or account data never leaves the bank’s systems, masked or otherwise, reducing the bank’s security vulnerabilities.

Steve Kirsch, CEO and founder of Token, comments: “Securing the backing from such world-class investors allows us to grow and execute faster on our mission to reinvent the world’s payment systems by providing common, secure access to all banks and a modern, bank-centric payment ecosystem. Each firm shares our excitement about the future of open banking and fully appreciates the impact that programmable money will have on the future of digital transactions. ”

Token will be demonstrating its technology to payment professionals attending Europe's premier payments and transaction banking conference EBAday in Dublin, June 20-21.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Token signs programmable money deal with OP Financial

Token signs programmable money deal with OP Financial

05 April 2017  |  5584 views  |  0 comments | 8 tweets | 12 linkedin
Fidor Bank and Token sign MoU

Fidor Bank and Token sign MoU

19 December 2016  |  8393 views  |  0 comments | 13 tweets | 20 linkedin
Silicon Valley's Token opens European office

Silicon Valley's Token opens European office

02 August 2016  |  5816 views  |  1 comments | 9 tweets | 9 linkedin
Token launches payment network for PSD2 compliance

Token launches payment network for PSD2 compliance

07 June 2016  |  9695 views  |  0 comments | 15 tweets | 17 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15433 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8631 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8175 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7681 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6875 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job