Open banking platform supplier Token has received a $16.5m strategic investment from Opera Tech Ventures, the VC arm of BNP Paribas and others.
Existing investors Octopus Ventures and EQT Ventures also joined the round.
Token is a single API developer which aims to support banks and third-parties with PSD2 compliance. The platform enables both players to connect and build bank direct payment methods and data aggregation solution for customers.
Token will use the investment to build on its open banking platform and developing new payments methods through digital money and ID solutions, the company said in a statement.
“As the emerging category leader in open banking infrastructure, Token gives banks a fast track to deliver great open banking customer experiences,” said Token CEO and founder 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.”
This investment follows a series of corporate partnerships for the company of the last few years. The Token recently made a PSD2 compliance support deal with Tandem Bank, Khaleeji Commercial Bank and thinkmoney.
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