Token raises $15.7 million as PSD2 approaches

Token, Inc., a turnkey open banking platform provider that enables banks to generate revenue from PSD2, announced its Series A funding. Funding from major investors including Octopus Ventures, EQT Ventures and OP Financial Group totalled $15.7 million, which together with other investors, brings Token’s Series A total to $18.5 million.

From January 2018, the European Payment Services Directive, PSD2, will require banks to grant account access to a variety of customer-permitted third party service providers for the purpose of payment initiation and retrieving information.

„Token’s open banking platform helps banks quickly and cost effectively meet these compliance requirements while also creating opportunities to generate new revenues. In addition to being a turnkey PSD2 compliance solution, Token also offers programmable money capabilities, empowering banks to create revenue from a number of high-value business cases including e-commerce checkout, B2B payments, bill pay, and many more.”, according to the press release.

Founded in 2015 by serial Silicon Valley entrepreneur Steve Kirsch (FrameMaker, acquired by Adobe Systems and Infoseek, acquired by the Walt Disney Company) and former Global Chief Technology Officer of Citigroup, Yobie Benjamin, Token has since grown rapidly, opening a European office in London in July 2016.

Steve Kirsch, CEO and founder of Token, commented: “Securing the backing from such world-class investors allows us to grow and execute faster on our mission to reinvent the world’s payment systems by providing common, secure access to all banks and a modern, bank-centric payment ecosystem. Each firm shares our excitement about the future of open banking and fully appreciates the impact that programmable money will have on the future of digital transactions. ”

Source: Token