Token secures £32.8m in a Series C round co-led by Cota Capital and TempoCap to expand open banking connectivity.
The financing round was co-led by Cota Capital and TempoCap to drive the adoption of account-to-account payments.
Token provides an open banking platform that facilitates account to account payments across Europe. The firm enables payment providers and merchants to utilise bank APIs for streamlined transactions.
Token has secured £32.8m in a Series C funding round co-led by Cota Capital and TempoCap. The capital injection also saw participation from Element Ventures, MissionOG, PostFinance, and existing backers including Octopus Ventures, Opera Tech Ventures, and SBI Investment.
The funds will be directed towards accelerating the transition from traditional card networks to direct account-to-account payments. Token plans to scale its platform capabilities and extend its open banking connectivity across European markets.
From the founder
"In the next four years, the global value of open banking payments is expected to exceed $116 billion, with Europe accounting for 75% of all transactions,"
Todd Clyde
CEO at Token
Investor perspective
"Token has enjoyed strong traction winning deals with major channel partners and some of the largest global merchant acquirers,"
Kevin Jacques
partner, Cota Capital
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Kevin Jacques
Cota Capital
Adam Shepherd
TempoCap
Element Ventures
MissionOG
PostFinance
Octopus
Opera Tech Ventures
SBI