Fintech startup Token raises $15 Million in Series B funding

Token, a leading open banking payments platform, Token, announced it has raised $15m in Series B funding. The investment is from SBI Investment Co. Ltd. and Sony Innovation Fund by IGV as well as from existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures. 

According to Token, the capital allows the payment firm to continue its shift from traditional payment methods to account-to-account payments. 

Founded in 2016, Token was authorised by the Financial Conduct Authority (FCA) as a payment service provider. In 2018, the company became the first payment initiation service provider to conduct an end-to-end payment through a PSD2-compliant bank API.

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