Series B27 January 2021

Token secures £11m Series B financing led by SBI Investment to expand open banking payments across Europe

The funding round was led by SBI Investment alongside Sony Innovation Fund by IGV and existing backers.

£11.0MSeries B

Token is an open banking payments platform that provides pan-European connectivity to enable account-to-account payments. The company offers a unified toolkit for merchants, payment service providers, and banks.

Token has secured £11m in Series B financing to accelerate the adoption of account-to-account payments across Europe. The funding round was led by SBI Investment, with participation from Sony Innovation Fund by IGV alongside existing backers Octopus Ventures, EQT Ventures, and Opera Tech Ventures.

The capital will support the ongoing development of the company stack, driving the transition away from traditional payment rails for major merchants and payment service providers. Token has experienced significant growth over the past year, processing transactions through PSD2 APIs across numerous European markets.

Established in 2016, the firm operates as an authorised payment initiation and account information service provider. The fresh injection of capital positions the business to scale its platform and expand its open banking capabilities throughout the region.

From the founder

Investor perspective

"The combination of Token’s unrivalled bank connectivity and depth in payment services clearly marks the company out as a market leader. We believe it has continued to outperform the competition throughout the year and has a clear roadmap for development in 2021. We’re very excited to be part of Token’s mission to equip the key players in the payments market with open payments capabilities."

Yoshitaka Kitao

Representative Director, President & CEO, SBI Holdings