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Token snags $15 million in Series B funding

Token snags $15 million in Series B funding

Open Banking payments platform Token has secured $15 million in Series B funding from SBI Investment and Sony Innovation Fund as well as from existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures.

Founded in 2016, Token provides unified access to 3000 banks in Europe to initiate real-time account-to-account payments straight from apps and websites.

Token’s customers include BNP Paribas, and HSBC which recently launched its fast and secure alternative to online payments, HSBC Open Payments.

The company is licenced as an AISP and PISP with the FCA in London and has a registration application pending with BaFin in Germany,

“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,” comments Todd Clyde, CEO, Token. “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.”

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