Token, a turnkey open banking platform provider, has secured $16.5m in a funding round led by BNP Paribas’ venture capital unit Opera Tech Ventures.
In the fundraising, Opera was joined by a pair of banks based in the Middle East and Southeast Asia along with Octopus Ventures and EQT Ventures.
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Octopus and EQT are existing backers of Token.
Token intends to utilise the fresh capital to develop its TokenOS open banking platform.
It also plans to use the money to innovate in the area of payments leveraging digital money and ID technology.
Currently, Token counts 4,000 banks as clients.
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By GlobalDataSome of these clients include Tandem Bank, Sberbank Croatia and Slovenia, as well as Khaleeji Commercial Bank.
Token founder and CEO Steve Kirsch said: “As the emerging category leader in open banking infrastructure, Token gives banks a fast track to deliver great open banking customer experiences.
“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.”
