Open Banking Platform – Token ropes in $16.5m in funding

BFSI News

Open-Banking-Platform-Token-ropes-in-16.5m-in-funding Open Banking Platform - Token ropes in $16.5m in fundingToken, a San Francisco, California-based open banking platform, as per recent reports, has just closed a funding round, raising $16.5 million in investment funding. The funding round was led by Opera Tech Ventures, the venture arm of BNP Paribas, and was participated by two banks headquartered in the Middle East and Southeast Asia, along with Token’s existing investors, Octopus Ventures and EQT Ventures. With this recent investment, Token has, to date, raised $35 million in total funding.

The San Francisco-based open banking platform plans on utilizing these funds to continue building its TokenOS open banking platform and create new digital money and identity tech-based payment solutions.

“As the emerging category leader in open banking infrastructure, Token gives banks a fast track to deliver great open banking customer experiences,” states Token founder and CEO, Steve Kirsch. “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.”

Last month, in May 2019, the company entered into a partnership agreement with Omni Group on providing open banking and Second Payment Services Directive (PSD2) compliance solutions to the group’s bank partners.