Fintech Startup Token Raises $15 Million in Series B Funding

Token, an open banking Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform, announced that it has raised a total of $15 million in Series B funding backed by SBI Investment, Sony Innovation Fund by IGV, and existing investors including Octopus Ventures, Opera Tech Ventures and the venture arm of BNP Paribas.

According to the official announcement, Token aims to explore new opportunities within the open banking digital payments infrastructure through innovative technology. The fintech firm also mentioned its mission to shift the traditional payment methods to account-to-account digital payments.

Founded in 2016, Token received a license from the Financial Conduct Authority and became the first payment initiation service provider to conduct an end-to-end payment through a PSD2-compliant bank API in 2018.

Commenting on the recent Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term, Todd Clyde, CEO of Token, said: “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. 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.”

Growth

The open banking payments platform has seen significant growth in recent years due to an increase in adoption. Token has offices in London, San Francisco and Berlin along with a wide list of customers including BNP Paribas and HSBC.

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