Token raises $15.7mil in series A funding
Open banking platform and Orange Fab Fellow Token raised a $15.7 million series A round led by London’s Octopus Ventures, Stockholm’s EQT Ventures, and Helsinki’s OP Financial Group earlier this week.
Token has developed an open banking and payment platform which aims to give B2B users such as banks the ability to move money as easily as data. The platform reduces transaction time from days and weeks to seconds while also virtually eliminating fraud in retail payments.
The company is headquartered in the Bay Area and was founded in 2015 by Steve Kirsch, former founder of InfoSeek and FrameMaker. Token joined the Orange Fab program in 2016. During our annual trip to Paris, we introduced Token to several of our European partners such as Société Général, BNP Parisbas, Natixis, and Orange Bank. Since then Token has grown rapidly, even opening a European office in London in July 2016. Recently, they have announced strategic partnerships with OP Financial Group and Fidor Bank to innovate in fintech.
Token will use the funding and support of investors to pursue its expansion in Europe positioning itself as a niche service to banks in response to the European Union’s Payment Services Directive. PSD2, launching in January of 2018, will require banks to provide any third-party provider access to their customers’ accounts through open APIs.
Token CEO Steve Kirsch has commented:
Securing the backing from such world-class investors allows us to grow and execute faster on our mission to reinvent the world’s payment systems by providing common, secure access to all banks and a modern, bank-centric payment ecosystem. Each firm shares our excitement about the future of open banking and fully appreciates the impact that programmable money will have on the future of digital transactions.
We are incredibly proud to have worked with Steve and the rest of the Token team during their time at Orange Fab.