The open banking platform Token raised $ 40 million (£ 32.8 million) in a series of C-series funding co-led by Cota Capital and TempoCap.

Headquartered in London, Token uses open banking technology to move from card payments to bank payments in order to reduce costs. The company said it would use the new funds to expand its open banking platform across Europe.

Token provides an open connection for payment and data in Europe through an API and interface. Its technology is used by such as HSBC, Mastercard and Volt.

In 2018, Token made its first end-to-end payment through a public bank API.

“Over the next four years, the global value of open banking payments is expected to exceed $ 116 billion, accounting for 75% of all transactions in Europe,” said Todd Clyde, CEO of Token.io.

Additional investments come from Element Ventures, MissionOG and PostFinance, with existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment providing additional funds.

“Token’s A2A payment offer provides faster and more secure payments than traditional methods, while at a lower cost. Token’s technology allows an impressive array of payment providers to offer a seamless experience for its merchant customers and end users, ”said Adam Shepard, investment partner at TempoCap.

Founded in 2015, Token has offices in London, San Francisco and Berlin.

The latest round follows the Token Round B series in January 2021 for $ 15 million (£ 12.2 million).

According to Dealroom, Token has provided $ 90 million (£ 73 million) in funding to date and the company is valued at $ 160-240 million (£ 131-196 million).


Open banking payments firm Token secures £32m for European expansion

Previous articleAstell & Kern includes a Kann Max quad-DAC digital audio player
Next article6 Critical Steps for Scaling Secure Universal Data Authorization