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Token announces USD 16.5 mln strategic investment

Wednesday 19 June 2019 | 08:10 AM CET

Token, the Open Banking platform, has announced a USD 16.5 million strategic investment. 

Investors include Opera Tech Ventures, the venture arm of BNP Paribas and two banks headquartered in the Middle East and Southeast Asia.

Existing investors, including Octopus Ventures and EQT Ventures, also participated in the investment. The capital will be used to build on the success of TokenOS and accelerate new ways of innovating payments with digital money and ID solutions.

TokenOS, the company’s Open Banking platform, enables a global ecosystem of banks, their customers and developers to initiate payments and move money and information worldwide.

The company now has more than 4,000 banks connected to its platform and recently announced it has been selected by Mastercard as one of its partners to support the connectivity layer of its Open Banking hub. Additional Token customers include Tandem Bank, Think Money Group, An Post, Sberbank Croatia and Slovenia, and Khaleeji Commercial Bank among many others.

Token’s Open Banking platform helps banks achieve PSD2 compliance and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. Token supports the same API across all banks.

Token is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.