Token takes $15.7m to get banks ready for PDS2

Open banking compliance platform Token has secured a $15.7m investment from investors as the introduction of PDS2 nears.

The round investors include Octopus Ventures, EQT Ventures, OP Financial Group, Plug And Play Ventures and Digital Currency Group.

The Silicon Valley-based company aims to help banks get ready for the January 2018 introduction of the European Payment Services Directive (PDS2).

The directive will require banks to grant account access to a variety of customer-permitted third party service providers for the purpose of payment initiation and retrieving information.

Token technology integrates into bank core system APIs to enable them to carry out PSD2-complaiant transactions.

It also offers programmable money capabilities to allow banks to create revenue business cases such as e-commerce checkout, B2B payments and bill payments.

Octopus Venture portfolio manager Simon Andrews commented: ?At Octopus we focus on backing unusually talented entrepreneurs and Token, headed up by serial entrepreneur Steve Kirsch, was a perfect fit for us.

?Token is proving that programmable money can transform the way the world transacts. We are looking forward to supporting Steve and the team in the next phase of growth and look forward to seeing the organisation develop from here on.p>

The firm opened a London office in July last year and has formed partnerships with Fidor Bank and OP Bank.

Copyright ? 2017 FINTECH GLOBAL

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