London-based payments platform Token has secured $15 million in Series B financing. The round came from SBI Investment and Sony Innovation Fund by IGV. Joining again were Octopus Ventures, EQT Ventures and Opera Tech Ventures, who all backed the company in a $16.5 million round in 2019. The open banking startup, which helps both corporations and consumers conduct fast account-to-account payments, reports exponential growth throughout the pandemic.
“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,” said Todd Clyde, the company’s CEO. Of course, since money is in data, the fintech business is now offering ‘open data’ services, such as accounting package integration, credit risk analysis and cash flow management.
Founded in 2016, Token has additional offices in San Francisco and Berlin, where it’s working with the German Federal Financial Supervisory Authority (BaFin) to receive its license in Germany.
Photo: Token team