Token’s open banking platform has raised $ 40 million (£ 32.8 million) in a series of C-Series funding co-sponsored by Cota Capital and TempoCap.

London-based Token uses open banking technology to move from card-based payments to bank payments to cut costs. The company said it would use the new funds to expand its open banking platform across Europe.

The token provides an open connection to payment and data in Europe via API and interface. Its technology is used by companies such as HSBC, Mastercard and Volt.

In 2018, Token made its first through payment through the bank’s open API.

“In the next four years, the global value of open bank payments is expected to exceed $ 116 billion, with Europe accounting for 75% of all transactions,” said Todd Clyde, CEO of Token.io.

Additional investments came from Element Ventures, MissionOG and PostFinance, and existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment provided additional funds.

“Token A2A payment offers provide faster and more secure payments than traditional methods at a lower price. Token technology allows an impressive array of payment providers to offer an uninterrupted experience for their retail customers and, in turn, end users, ”said Adam Shepard, TempoCap’s investment partner.

Founded in 2015, Token has offices in London, San Francisco and Berlin.

The last round follows from Round Series B Token in January 2021 for $ 15 million (£ 12.2 million).

According to Dealroom, Token has provided $ 90 million in funding (£ 73 million) and the company is valued at $ 160-240 million (£ 131-196 million).


Open banking payments firm Token secures £32m for European expansion

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