U.K. startup called Token.io has closed $40 million in funding to expand its own particular push in payments tech account to account payments and accessing accounts for transactions by way of a single API deeper into the U.K. and across Europe.
The funding is being co-led by Cota Capital and TempoCap, with participation from Element Ventures, MissionOG, and PostFinance as well as past investors Octopus Ventures, Opera Tech Ventures, and SBI Investments.
The company is not disclosing valuation, but CEO Todd Clyde confirmed it was up compared to its previous financing.
its customers include BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Raypd, Sonae Universo, Volt, Vyne, and others whose names are not being made public (some use Token as a white-label service, meaning no branding that would give away that relationship).
Account-to-account payments are not exactly a new concept in its most general sense, but it’s long been a complicated and expensive process, not something that you would use for everyday payments but something that required set up with banks, sometimes paperwork to fill out and fees to pay.
What has changed in the last several years spurred also by innovations from companies like GoCardless is the idea of it becoming something that is quick and easy to do, as easy as pulling out a card or cash from your wallet.
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