Cloud tokenisation provider TokenEx has raised $100m for its Series B funding round, which was led by K1 Investment Management.
With the equity burst, TokenEx plans to enhance its product, customer services and account management teams, as well as scale its global operations.
TokenEx was founded in 2010 by payment security experts. The company partners with its clients to secure sensitive data, such as cardholder data for card-not-present transactions.
Its platform collects information through API calls or managed file transfers before it enters an organisation’s internal systems and exchanges that sensitive data for non-sensitive data called tokens. These tokens can be sent to any API endpoint, creating a layer of abstraction that safeguards against cyber and ransomware attacks.
Speaking on the fundraise, TokenEx founder and CEO Alex Pezold said, “We couldn’t be more excited to partner with K1 to continue our journey as the category leader in securing the world’s most sensitive data.
“With the rise in data breaches, privacy regulations, and digital payment volumes, the need for our solution has increased exponentially—this round of funding will allow us to take our technology to new heights and create a world-class experience for all our customers.”
Copyright © 2018 RegTech Analyst