Token raises $40m in latest funding round

Token.io, the Open Banking payments platform, has raised $40 million in a Series C funding round co-led by Cota Capital and TempoCap.

Element Ventures, MissionOG, PostFinance and existing investors Octopus Ventures also participated in the latest funding round, with Torch Partners advising on the financing.

The latest funding will be used to enable the continued drive to shift from traditional payment methods like cards and wallets to Open Banking-enabled Account-to-Account (A2A) payments, Token said.

Todd Clyde, chief executive at Token, said: “Europe has become a world leader in Open Banking, Open Finance and real-time payments, and Token holds a unique position in the marketplace.

“With this investment, we will continue to expand Open Banking connectivity and push the boundaries of functionality beyond regulatory requirements to make A2A payments a mainstream payment method.”

“Our previous investments at TempoCap have shown us the increasing importance of embedded finance, and we are delighted to support the Token team in this next phase of the company's growth,” Adam Shepherd, investment partner at TempoCap, said.

Firms that have used Token.io’s Open Banking infrastructure to build their own propositions include BNP Paribas, HSBC, Mastercard, and Paysafe.

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.