Open Banking payments platform Token has secured $15 million in Series B funding to support its direct account-to-account payments growth among large merchants and banking-as-a-service platforms.

The new funding came from SBI Investment and Sony Innovation Fund by IGV, as well as from existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures.

Founded in 2016, Token was one of the first UK companies to be authorised by the Financial Conduct Authority (FCA) as a payment initiation and account information service provider.

“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, chief executive of Token.

He said Token’s payment volumes have “more than doubled” every month since March 2020 and that the platform is now processing live transactions through PSD2 APIs from over 600 banks in 14 countries across Europe.

Yoshitaka Kitao, director and chairman of SBI Investment, said: “Token has continued to out-perform the competition throughout the year and has a clear roadmap for development in 2021.”

Token’s customers include BNP Paribas and HSBC, which recently launched its fast and secure alternative to online payments, HSBC Open Payments.

Token has offices in London, San Francisco and Berlin.

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