Token.io, an open banking platform leading the transition away from traditional payment methods and toward faster and more frictionless account-to-account transfers, has closed $40 million in funding. The round was co-led by Cota Capital and TempoCap, with participation from Element Ventures, MissionOG and PostFinance, as well as past investors Octopus Ventures, Opera Ventures and SBI Investment. Token’s payment volumes increased 20-fold last year, accounting for 21% of all account-to-account payments in the United Kingdom and Europe. While Token will primarily focus on extending its footprint, partners, and live integrations, it will also consider how to provide new services for a broader range of use cases.
Token.io Raises $40M to Expand Open Banking-Based Account-To-Account Payments