Token secures $15m in Series B raise

Open banking platform Token has secured $15m in a Series B raise to fuel the continued growth of the startup.

SBI Investment, Sony Innovation Fund by IGV, Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures, supported the raise.

“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,” said Todd Clyde, CEO of Token.

“Token’s payment volumes have more than doubled every month since March and our platform is now processing live transactions through PSD2 APIs from over 600 banks in 14 countries across Europe. This Series B investment reconfirms Token’s leadership in the open payments space and will ensure our platform development continues at pace.”

Token will use the money to continue to develop its open payment and data service stacks.

“The combination of Token’s unrivalled bank connectivity and depth in payment services clearly marks the company out as a market leader,” said Yoshitaka Kitao, director and chairman of SBI Investment.

“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.”

Token has previously inked a deal with the European payments venture Contis to integrate their services with each other. The deal was announced in November 2020.

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