Token lands $40m to scale open banking payments in Europe

UK-based open banking payments platform Token, known as Token.io, has raised $40 million in a Series C funding round co-led by Cota Capital and TempoCap.

Token bags $40m in Series C

Other funds in participation were Element Ventures, MissionOG, PostFinance and existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment. Torch Partners advised on the financing.

Token says it will use the funding to drive the change from traditional payment methods such as cards and wallets to open banking account-to-account (A2A) payments.

It plans to do this by building out its platform and expanding in markets across Europe.

Some of Token’s customers include BNP Paribas, HSBC, Mastercard, Paysafe, Nuvei, Rewire and Coingate among others.

Token’s open banking platform enables companies to create new revenue streams and blend API-based payments and data to provide a fast and efficient service.

The firm also provides access to aggregated bank account and transaction data for “smarter onboarding, deeper insights and instant authentication”.

In January 2021, Token raised $15 million in a Series B funding round.