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Finovate Best of Show Winner Chimney Inks Partnerships with a Pair of U.S. Banks

Finovate Best of Show Winner Chimney Inks Partnerships with a Pair of U.S. Banks
By David Penn Posted on
Categories: Alumni News, Chimney, Daily news, Signal Intent
  • Chimney announced partnerships with two banks, Farmers & Merchants Bank and Northwest Bank, that will deploy Chimney’s embeddable financial tools to boost customer engagement.
  • Formerly known as Signal Intent, Chimney won Best of Show at FinovateSpring in 2021.
  • Courtesy of this week’s agreements, Chimney now boasts a total of 15 bank partnerships.

In a bid to boost customer engagement, Farmers & Merchants Bank and Northwest Bank have teamed up with Chimney and will deploy the New York-based company’s financial calculators to help their customers make better decisions about their financial futures.

“In the last two years, we’ve seen greater investments into digital experiences that put customers first,” Chimney co-founder and CEO Matthew Covi said. “Consumers no longer want to be pushed products and services; they want experiences that add value to their everyday life and improve their financial health.”

Previously known as Signal Intent – and winning a Best of Show award in its Finovate debut a year ago at the all-digital edition of FinovateSpring 2021 – Chimney offers embeddable modern financial calculators that can be launched quickly and require no coding to set up and deploy. Chimney has developed more than 35 financial calculator templates, covering a variety of financial categories. Whether a business is looking for tools to better engage homebuyers, automobile shoppers, or simply consumers looking to improve their investment portfolios or savings and budgeting habits, Chimney provides organization with the kind of embedded turnkey digital experiences that help turn website visitors into customers.

“F&M Bank has grown slowly and safely since 1907, earning its reputation as ‘California’s Strongest,'” F&M Bank CEO and board chairman Daniel K. Walker said. “We have supported the communities we call home for more than 100 years, and we aim to continue that. By working with Chimney, we will build deeper relationships with customers by transforming and personalizing their banking experience with the help of meaningful data. We believe this will be incredibly valuable to our customers.”

F&M Bank serves customers in South California and has more than $11 billion in assets. Iowa-based Northwest Bank has 70,000 customers and $2.3 billion in assets.

Chimney began 2022 with a pre-seed investment from the ICBA ThinkTECH Accelerator and a seed investment from Anil D. Aggarwal, founder and chairman of Fintech Meetup, as well as Fin Venture Capital and Converge. The company rebranded as Chimney in February, in a shift that Covi said reflected a commitment to move beyond “providing outstanding products and services” and toward “delivering not just the products consumers want, but the experiences they expect.”

Photo by Pixabay

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Stripe Unveils App Marketplace

Stripe Unveils App Marketplace
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, DocuSign
  • Stripe is launching the Stripe App Marketplace.
  • The company’s business customers will be able to browse the new digital store to find and integrate third party apps into their own operations.
  • Businesses will be able to develop and launch their own custom apps within their own company.

Ecommerce technology company Stripe launched an offering that will help businesses tap the technology from third parties to enhance their own offerings. The new launch, the Stripe App Marketplace, is a digital store where businesses can browse popular third-party tools.

Integrating third party tools into their own solution enables businesses to customize Stripe. Adding multiple operations under their Stripe account also enables businesses to automatically share contextual information across apps.

As Mailchimp Chief Product and Design Officer Jon Fasoli explained, “Let’s say, for example, a business owner wants to automate a targeted message when a customer makes a purchase, sending them a specific discount offer to encourage repeat purchases. The Mailchimp app automatically syncs this customer’s information between Stripe and Mailchimp, streamlining their operations and saving them time.”

Mailchimp is one of more than 50 app providers that are launching in the Stripe App Marketplace. Others include DocuSign, Dropbox, Intercom, Mailchimp, Ramp, and Xero. Stripe plans to add apps from more third party providers in the future.

The marketplace isn’t just limited to third party providers. Businesses can enlist their own developers to create custom apps within the Stripe App Marketplace to use within their company.

​​”With Stripe Apps, businesses can customize Stripe with their SaaS tools to best serve their customers,” said Stripe Apps Head of Product Bowen Pan. “We’re excited for this new chapter and can’t wait to see the ingenuity of all the apps that developers will build in the months and years ahead.”

Photo by Bruno Kelzer on Unsplash

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Marqeta Inks Partnership with Embedded Finance Platform Alviere

Marqeta Inks Partnership with Embedded Finance Platform Alviere
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Marqeta

Modern card issuing platform Marqeta has come a long way since its Finovate debut in 2016. Back then, Marqeta was a six-year-old company, presenting the world’s first fully-documented, open API issuer processor platform, and emphasizing the company’s commitment to producing payments solutions that were “developer-friendly.” In fact, it was at Finovate’s developer conference, FinDEVr Silicon Valley in 2016 that Marqeta led a presentation “Democratizing Issuer Payment Processing with Just-In-Time (JIT) Funding.”

In the years since then, the Oakland, California-based fintech has forged partnerships with fellow Finovate alum Token (2017); with CashFlows, Visa, and Mambu (2019), with Mastercard, Afterpay, and Uber (2020) and, last year, with companies including Bill.com, Coinbase, and Square. The company also has raised more than $530 million in funding, and launched as a public company a year ago, trading on the NASDAQ under the ticker MQ.

Most recently, Marqeta returned to the fintech headlines with news of its partnership with Alviere. An embedded finance platform, Alviere is currently in the process of expanding across Europe, where it plans to operate as an Electronic Money Institution and Principal Member Card Issuer in the region. By partnering with Marqeta, Alviere will be able to issue branded cards to customers in the European Economic Area (EEA) and the U.K.

“Access to financial services is continuing to evolve, and consumers are constantly opening up to new ways of moving, storing, spending and saving money,” Alviere co-founder and CEO Yuval Brisker said. “For brands in Europe, and around the world, providing financial services means uncovering vast untapped opportunities. Embedding financial products under their existing business, products, and to their existing customer base, has quickly emerged as an important strategy for growth and customer retention.”

Marqeta’s platform supports issuance of both physical and virtual payment cards, as well as tokenization, card management, and fulfillment. Processing and settlement are also included, along with authentication and 3DS (3-D secure authentication), just-in-time (JIT) funding, and dynamic spend controls. Marqeta’s reliance on open APIs and webhooks enables institutions to create customizable card experiences, and seamless interaction with other applications, while providing visibility and transparency via notifications and card monitoring.

Alviere hopes to take advantage of what Simon Torrance forecasts to be a $7.2 trillion global opportunity in embedded finance by 2030. To empower non-financial brands with the ability to offer financial products and solutions to their customers, Alviere offers a suite of solutions including branded bank accounts and cards, global payments, payment processing, as well as crypto wallets and exchanges. The New York-based company’s partnership news with Marqeta arrives in the wake of Alviere receiving an investment of $70 million and the appointment of its first Chief Financial Officer.

“Financial services open up a new avenue of consumer engagement for brands and allow them to deepen the consumer experience massively,” Marqeta Chief Operating Officer Vidya Peters said. “We’re excited that Alviere will be able to allow its brand customers to build in new payments experiences using our platform.”

Photo by Maureen

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Irish Fintech TransferMate Secures Unicorn Status with $70 Million Investment

Irish Fintech TransferMate Secures Unicorn Status with $70 Million Investment
By David Penn Posted on
Categories: Daily news, Funding
  • TransferMate is fintech’s latest unicorn, having secured $70 million in funding this week and earning a valuation of more than $1 billion.
  • TransferMate’s platform enables businesses and individuals to make cross-border payments in more than 201 countries and more than 140 currencies.
  • Headquartered in Ireland, TransferMate was founded in 2010.

With a new investment of $70 million, Ireland-based, cross-border B2B payments company TransferMate has become the country’s latest fintech unicorn.

The funding round featured the participation of U.K. pension fund giant Railpen. This week’s funding brings TransferMate’s total capital raised to $130 million and gives the company a valuation of more than $1 billion.

“By combining our technology and our global license network, we empower software providers, banks, and fintechs to deliver payments dramatically faster and cheaper than the traditional SWIFT system,” TransferMate co-founder and Executive Chairman Terry Clune said. “We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”

A global B2B payments infrastructure-as-a-service company, TransferMate specializes in streamlining, digitizing, and automating the manual operations required in order to facilitate the payments process. Used by banks, software companies, and fintechs alike, TransferMate’s embedded payments technology enables businesses to grow globally and pay locally. The company’s world-class compliance program, powered by a sizable portfolio of payment licences, features embedded security tools to defend against fraud and money laundering, and provides predictive risk assessments and real-time response solutions.

“Our commitment to deliver real-time transparency and speed when businesses are conducting cross border payments has resulted in TransferMate becoming the global B2B payment infrastructure of choice for the world’s leading procure-to-pay and spend management platforms,” TransferMate CEO and co-founder Sinead Fitzmaurice said. “This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitize their B2B payments within the core software that they use to conduct their day-to-day activities.”

Founded in 2010 and headquartered in Kilkenny, Ireland TransferMate is a subsidiary of Clune Technology Group. Last fall, the company announced a partnership with ComplyAdvantage, a specialist in customer onboarding and transaction screening and monitoring.

Photo by Lukas Kloeppel

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Temenos Serves Up ESG Investing-as-a-Service

Temenos Serves Up ESG Investing-as-a-Service
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Temenos
  • Banking technology provider Temenos is launching ESG Investing-as-a-service.
  • The tool will help banks and wealth managers offer a digital experience that allows end customers to build an investment portfolio that reflects their values.
  • The move comes amid a time of major growth for ESG investing, which is expected to exceed $53 trillion by 2025.

ESG investing has been on the rise for the past couple of years. According to Bloomberg, money held in sustainable mutual funds and ESG-focused ETFs rose by 53% in 2021 to reach $2.7 trillion and ESG assets are on track to exceed $53 trillion by 2025. Banking software provider Temenos has taken note of this and is launching a new tool to help banks and wealth managers compete in the new environment.

Temenos’ ESG Investing-as-a-service, which can be run in the cloud or on-premise, combines Temenos’ market data management and digital capabilities such as filtering, scoring, and modeling techniques with external data feeds. The company generates easy-to-understand ratings to evaluate hundreds of ESG factors such as carbon footprint, water usage, diversity and gender equality, and executive compensation.

“At Temenos, our purpose is to power a world of banking that creates opportunities for everyone,” said Temenos Product Director of Wealth Alexandre Duret. “With the new ESG Investing service, we will help private banks and wealth managers to become compliant, and their customers invest with a purpose. Available as a service on our open platform for composable banking, it provides a fast track for our banking clients to launch innovative ESG investment products underpinned by robust, compliant processes, including new MiFID rules applicable in the EU from August 2022.”

Banks and wealth managers can leverage the tool to create ESG compliant products, with a lower cost of development. Ultimately, they can offer a digital experience that allows end customers to choose investments that they feel good about and build a portfolio that reflects their values.

Temenos serves 3,000+ banking and financial institutions worldwide representing 1.2 billion end customers. The Switzerland-based company has embedded sustainability practices into its own operations with ESG governance, reporting, and measurable targets. The Carbon Disclosure Project awarded Temenos an A- rating along with platinum recognition.

Photo by Monstera

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Caribou Raises $115 Million for Auto Refinance Tech

Caribou Raises $115 Million for Auto Refinance Tech
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Auto loan refinance company Caribou received $115 million in Series C funding last week.
  • The company now boasts $190 million in total funding and touts a $1.1 billion valuation.
  • Caribou will use the funds to further invest in its platform, create new products, and expand its team.

Auto loan refinance company Caribou closed on $115 million in an oversubscribed Series C funding round late last week. The investment brings the Washington, D.C.-based company’s total raised up to $190 million and boosts it into the fintech unicorn club with a valuation of $1.1 billion.

Goldman Sachs led the round, which drew contributions from new investors Innovius Capital and Harmonic. Existing investors, including Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures, and others also contributed.

Caribou will use today’s funding to further invest in its platform, create new products, and expand its team.

Formerly known as MotoRefi, Caribou was founded in 2016. The company helps its customers save an average of over $100 per month on their car payments by partnering with lenders and facilitating refinances. Caribou partnered with SoFi in April of last year to white-label its auto refinancing technology for SoFi’s 3.8 million customers. The company also offers a digital insurance marketplace that lets users browse quotes from a range of auto insurance providers.

“With the costs of car ownership soaring, and macroeconomic headwinds negatively impacting people’s finances, we believe that it’s more important than ever to help people save money,” said Innovius Capital CEO Justin Moore. “Caribou has established itself as the go-to platform to refinance their auto loan and we are excited for all that is to come.”

Over the past four years, Caribou has refinanced more than $1.5 billion in loans and scaled its workforce from 40 employees to 500. Kevin Bennett is CEO.

Photo by Joris Beugels on Unsplash

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FinovateSpring Best of Show Winner Array Teams Up with Jack Henry

FinovateSpring Best of Show Winner Array Teams Up with Jack Henry
By David Penn Posted on
Categories: Alumni News, Array, Daily news, Jack Henry
  • Financial enablement platform Array announced a partnership with Jack Henry Associates to embed its credit management and identity protection solutions into Jack Henry’s Banno Digital Platform.
  • Among the institutions to adopt the technology is Washington-based Timberland Bank.
  • Array is a two-time Finovate Best of Show winner, earning its most recent award at FinovateSpring 2022 last week.

Array, a financial enablement platform that specializes in embeddable solutions for financial institutions, announced a partnership with fellow Finovate alum Jack Henry. The partnership will integrate Array’s credit management services, identity protection tools, and offer engine into Jack Henry’s Banno Digital Platform. The combination of technologies will give customers personalized credit and financial insights via their preferred financial institution partners.

“The financial services ecosystem exists to enable consumers to improve their financial health,” Array Director of Strategic Partnerships Jacob Bouer said. “This movement is both necessary and urgent. If financial institutions do not offer credit monitoring and identity protection products, consumers will find them elsewhere.”

By leveraging the Banno Digital Toolkit, Array has been able to help financial institutions better serve their customers and members by enabling them to securely access and monitor their credit directly from their bank or credit union. Not only does the integration give better service to customers, it also helps banks boost digital engagement, grow revenues, and expand opportunities for both new lending and credit. Among the institutions to take early advantage of Array’s technology is Timberland Bank, headquartered in Washington. The bank’s EVP and COO, Jonathan Fischer, praised the partnership for providing “the tools necessary to engage and educate customers on their credit health, which strengthens relationships and ultimately improves our community’s well-being.”

Among the solutions available to bank customers via the collaboration are customized credit score simulators, score factors, debt analysis, alerts, and more. The technology helps educate bank customers by giving them greater awareness of their credit information and history, and enables them to make better decisions on how to improve their financial lives.

Founded in 2019 and headquartered in New York, Array demoed its technology last week at FinovateSpring in San Francisco. At the conference, the company earned its second Best of Show award for its platform that democratizes data accessibility while simultaneously protecting privacy and ensuring consent. Martin Toha is founder and CEO.

Photo by DS stories

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BlockFi Taps Cardlytics for New Rewards Offering

BlockFi Taps Cardlytics for New Rewards Offering
By Julie Muhn (@julieschicktanz) Posted on
Categories: Cardlytics, Daily news
  • Blockchain-driven financial platform BlockFi has partnered with purchase-based intelligence firm Cardlytics to launch BlockFi Offers.
  • The new rewards program will enable BlockFi cardholders to earn up to 10% crypto back on select purchases.
  • BlockFi Offers rewards can be accrued on top of BlockFi’s existing 1.5% crypto back on all purchases.

Earning crypto is about to get easier for users of BlockFi, a blockchain-driven financial platform. That’s because the New Jersey-based company is partnering with purchase-based intelligence firm Cardlytics to launch a new rewards program called BlockFi Offers.

The BlockFi Offers rewards program will allow BlockFi’s Rewards Visa cardholders to earn up to 10% crypto back when they use their card to make purchases at select brands and restaurants. Participating retailers include Shake Shack, H&M, Finish Line, Costco, Meta Quest, Jared, and more.

“Partnering with BlockFI to bridge the gap between crypto and traditional financial institutions to deliver a flexible solution for their customers to shop, pay and be rewarded is very exciting,” said Cardlytics FI EVP Farrell Hudzik. “As blockchain and digital currencies become more accepted, it is imperative that we facilitate universal redemption opportunities.”

The crypto rewards launching today can be earned on top of BlockFi’s 1.5% crypto back on every purchase. Cardlytics automatically adds the offers to each cardholder’s BlockFi account at the end of every month.

Founded in 2017, BlockFi seeks to bridge the gap between cryptocurrencies and traditional financial and wealth management products. Since launching its Rewards Visa credit card, BlockFi has added more than 85,000 cardholders and distributed more than $26 million in crypto rewards to those users.

BlockFi Offers will be available to all BlockFi Rewards cardholders before the end of this month.

Cardlytics, which has been facilitating rewards and offers since launching in 2008, also helps marketers gain insight into consumer behavior by analyzing where and when consumers spend their money. The company went public on the NASDAQ under the ticker CDLX in 2018 and has a current market capitalization of $986 million.

Photo by Kalia Chan

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Unit Raises $100 Million for Banking-as-a-Service

Unit Raises $100 Million for Banking-as-a-Service
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Unit received $100 million in Series C funding this week.
  • The funding boosts the company’s total investment to $170 million and brings its valuation to $1.2 billion.
  • The company, which will unveil its business credit card in the next few months, will use the investment to accelerate its product development and expand into credit offerings.

Banking-as-a-Service company Unit has reached unicorn status this week after a $100 million Series C round. The investment brings the California-based company’s valuation to $1.2 billion and boosts its total funding to $170 million.

Insight Partners led today’s round and existing investors Accel, Better Tomorrow Ventures, and Flourish Ventures also contributed, along with new investors Moving Capital and Stepstone.

“Unit has established itself as the leader in the banking-as-a-service space, backed by the overwhelming positive customer feedback and traction they have shown over the last year,” said Insight Partners Co-Founder and Managing Director Jeff Horing. “The company has been able to onboard high-growth tech companies of all sizes, from startups to publicly listed enterprises, with their superior technology, speed, and reliability. We are bullish on the future of embedded finance and see Unit as the platform of choice for companies big and small.”

Unit was founded in 2019 to help companies build banking products such as bank accounts, cards, payment products, and lending tools into their existing offering. The company will use today’s funding to accelerate product development and expand into credit offerings. Unit will launch its first business credit card product in the next few months and aims to add more credit products in the future.

“Credit is the clear next step of growth and we believe it will be the most important wave in financial services in the coming years,” said Unit CEO and Co-Founder Itai Damti. “With this new round of funding, Unit will be able to empower the companies best suited to offer credit with the technology and infrastructure to make that a reality.”

Unit has experienced impressive growth over the past year, riding the banking-as-a-service wave that has been sweeping fintech. The company added more than 140 customers over the past year and, over the last six months, Unit’s transaction value has grown 7x to $2.6 billion. Among the company’s clients are AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.

Photo by Ryan Quintal on Unsplash

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Thought Machine Doubles Valuation to $2.7 Billion After Series D Funding Round

Thought Machine Doubles Valuation to $2.7 Billion After Series D Funding Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Thought Machine
  • Core banking expert Thought Machine raised $160 million in Series D funding.
  • The investment was led by Temasek and saw participation from Intesa Sanpaolo, Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
  • Thought Machine’s valuation now totals $2.7 million, double the valuation it held last fall.

Core banking innovator Thought Machine landed $160 million in a Series D funding round which values the company at $2.7 billion. This number is two times than the valuation the company received at the close of its Series C round in November of last year.

Today’s investment was led by Temasek and saw participation from Intesa Sanpaolo and Morgan Stanley, as well as existing investors Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. As part of today’s agreement, Lloyds Banking Group has extended its license agreement with Thought Machine until 2029.

“This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world,” said Thought Machine Founder and CEO Paul Taylor.

Thought Machine already operates in New York, Singapore, and Australia, and will soon be available in Latin America. The company will use the funding to fuel further global expansion into the Asia Pacific region, as well. Specifically, Thought Machine is scoping out Vietnam, Thailand, Indonesia, and the Philippines.

The company will also use a portion of today’s investment to expand on the capabilities of its existing core banking offering and explore new product lines. “We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products,” explained Taylor.

With 500 employees and $563 million in funding, U.K.-based Thought Machine has been working to transform the core banking space since 2014. Among the company’s clients are Lloyds Banking Group, Standard Chartered, Atom bank, Monese, SEB, and JP Morgan Chase.

Photo by EKATERINA BOLOVTSOVA

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Greenlight Unveils Credit Card

Greenlight Unveils Credit Card
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Challenger bank Greenlight launched a credit card, the Family Cash Card.
  • The card offers up to 3% cash back and allows users to automatically invest the rewards into a mutual funds or ETFs.
  • This is Greenlight’s first credit card and first product marketed to parents.

Family-focused fintech Greenlight revealed plans this week to launch a credit card called the Family Cash Card. This is the Georgia-based company’s first credit card as well as its first card marketed at parents.

Launching in partnership with Mastercard and issued by First National Bank of Omaha, the credit card offers up to 3% cash back when users spend more than $4,000 per month. While parents can opt to have the rewards deposited into their bank account, they can also automatically invest their rewards into a set of recommended mutual funds and ETFs. If they want more options, users can invest the rewards via the Greenlight app.

“Families today have an increasing amount of expenses, making it difficult for many to save for the long-term,” said Greenlight Co-founder and CEO Tim Sheehan. “At Greenlight, we’re focused on helping families build healthy financial futures. With the new Family Cash Card, parents can get the most out of everyday spending and invest towards big life events like their children’s college education.”

Sheehan told TechCrunch that, while Greenlight liked the idea of the rewards accruing into a 529 plan that would help parents pay for their childrens’ education, the company decided that more users would appreciate traditional investment vehicles. “We looked at the 529, and we just decided, after talking to really a lot of parents, that they basically valued flexibility over the small tax benefit of the 529. Essentially, they said, I would rather have the flexibility and not be penalized to use the money for anything my family needs,” said Sheehan.

Founded in 2014, Greenlight offers a money management platform for families that helps five million parents and kids gain skills to manage their earnings, savings, spending, giving, and learn to invest via a debit card, companion app, and educational resources. Last April, the company raised $260 million in a round that valued the company at $2.3 billion.

Photo by Neenu Vimalkumar on Unsplash

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Token Raises $40 Million for Open Banking

Token Raises $40 Million for Open Banking
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Token
  • Open banking expert Token landed a $40 million Series C investment.
  • The round, which was co-led by Cota Capital and TempoCap, boosted the company’s total funding to $90 million.
  • Among Token’s clients are BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Sonae Universo, Volt, and Vyne.

Open banking innovator Token.io closed a $40 million Series C funding round this week. The investment was co-led by Cota Capital and TempoCap and boosted Token’s total funding to $90 million.

New investors Element Ventures, MissionOG, and PostFinance also pitched in, along with existing contributors Octopus Ventures, Opera Tech Ventures, and SBI Investments. 

Token will use the capital to shift consumer habits from traditional payment methods like cards and wallets to open banking-enabled account-to-account (A2A) payments. Specifically, the company aims to enhance its APIs for Variable Recurring Payments and open finance functionality.

“With this investment, we will continue to expand open banking connectivity and push the boundaries of functionality beyond regulatory requirements to make A2A payments a mainstream payment method,” said Token CEO Todd Clyde.

Founded in 2016, Token is focused on driving the shift from traditional payment methods– such as cash and credit cards– towards bank payments. The company’s platform works towards this mission by enhancing open banking connectivity across Europe and supporting existing payment providers.

“Token’s A2A payments offering delivers faster and more secure payments than traditional methods while at a lower cost,” said TempoCap Investment Partner Adam Shepherd. “Token’s technology is enabling an impressive set of payment providers to offer seamless experiences for their merchant customers and, in turn, end users.”

Token’s client list includes BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Sonae Universo, Volt, and Vyne.

Photo by Tim Douglas

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