In a spherical led by way of SBI Funding and Sony Innovation Fund, open banking bills platform corporate Token has raised $15 million in new investment. The Collection B spherical additionally featured participation from present traders Octopus Ventures, EQT Ventures, and Opera Tech Ventures, the VC arm of BNP Paribas. The corporate, which made its Finovate debut at FinovateSpring in 2015, now has $50 million in overall capital.

“The marketplace’s urge for food for open bills speeded up dramatically closing 12 months as extra traders and fee suppliers have tuned into the fee and potency good points that they provide,” Token CEO Todd Clyde defined. “Token’s fee volumes have greater than doubled each and every month since March and our platform is now processing reside transactions via PSD2 APIs from over 600 banks in 14 international locations throughout Europe.” He added that the funding was once an confirmation that Token would proceed to guide within the open bills house and can lend a hand gasoline additional construction within the corporate’s era.

An early innovator within the open banking bills house within the U.Ok., Token was once one of the vital first firms within the U.Ok. to earn authorization from the Monetary Habits Authority (FCA) as a fee initiation and account data carrier supplier (PISP, AISP). In 2018, Token was once the primary PISP to finish an end-to-end fee by means of a PSD2-compliant financial institution API.

“Token gives a reputable selection to card and pockets bills whilst serving to traders, PSPs, and banks be offering streamlined UX’s that ship higher fee stories for purchasers,” stated Sony Innovation Fund Leader Funding Supervisor Gen Tsuchikawa. Token’s open fee and knowledge products and services fortify the transition clear of conventional fee strategies and towards account-to-account bills. This no longer handiest is helping decrease the price of virtual bills; it additionally introduces plenty of use circumstances for open bills, from investment accounts and billpay to credit score chance research and money drift control. Mix this with what SBI Funding Director and Chairman Yoshitaka Kitao described as “Token’s unequalled financial institution connectivity and intensity in fee products and services” and you have got an organization Kitao known as a “marketplace chief” that “has persevered to outperform the contest.”

Based in 2015 and keeping up places of work in London, San Francisco, and Berlin, Token brings Pan-Ecu connectivity to greater than 3,000 banks. The corporate’s companions come with Sberbank, Konsentus, Caxton, and HSBC, which just lately introduced its on-line fee selection, HSBC Open Bills.


Photograph by way of Jill Wellington from Pexels

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