Turkey-based Open Banking platform provider, Token.io, announced a $16.5m strategic investment from a pool of investors, including Opera Tech Ventures, the venture arm of BNP Paribas. Token’s past investors, Octopus Ventures and EQT Ventures also participated in the investment.
The funding is to go towards the additional expansion of TokenOS, an open banking platform, and accelerate new ways of innovating payments with digital money and ID solutions. TokenOS, the company’s open banking platform, enables a global ecosystem of banks, their customers and developers to initiate payments and move money and information securely, instantly and frictionlessly worldwide.
Token customers include Tandem Bank, Think Money Group, AnPoste, Sberbank Croatia and Slovenia, Khaleeji Commercial Bank, among many others.
“As the emerging category leader in open banking infrastructure, Token gives banks a fast track to deliver great open banking customer experiences,” comments Steve Kirsch, Founder and CEO, Token. “For banks, establishing an early position in this new hyper-connected market is a competitive advantage; a new wave of independent financial apps and services will soon be available to their customers, so banks need to be clear about their future roles. By solving the infrastructure problem, Token enables them to focus on service innovation and delivery earlier than the competition.”
“The open banking wave – driven in Europe by PSD2 regulation – is a huge opportunity to create new value propositions for consumers, as well as dramatically improve existing ones,” said Alastair Mitchell, Partner and investment advisor at EQT Ventures. “Such a fundamental change in the plumbing behind the movement of money creates big challenges for incumbents and large opportunities for new players to create whole new markets. Token is emerging as the definitive leader in open banking, having been selected by an increasing number of major players as the exclusive technology platform to underpin this new way of doing business.”