From Start-up to Scale-up: Token Introduces New CEO Todd Clyde

The promotion of Chief Operating Officer Todd Clyde to the top job at Token marks the open banking technology provider’s transition “from start-up to scale-up,” the company noted in a statement today.

“Token has grown from an idea formed in the basement of Stanford into a commercially viable, leading fintech poised to change financial services forever,” founder and now-former CEO Steve Kirsch said. Kirsch, who introduced the company to fintech audiences at FinovateSpring in 2015, will assume the role of Chief Innovation Officer and focus on developing Token’s product roadmap. Featured prominently on that map is the company’s digital money business, including its digital currency for banks, Token X.

“Open banking is a huge opportunity for banks and fintechs across the world and Token has delivered a product with solid market fit,” Kirsch said.

New Token CEO Todd Clyde

With more than 30 years of experience in the enterprise and financial software business – including 12 years at Accenture – Clyde was responsible for all of Token’s commercial and financial operations during his three-year tenure as the company’s COO. In his new role as CEO, Clyde will drive the company’s open banking business worldwide, and build on a year that has seen Token forge partnerships with institutions like TurkishBank UK, Estonia’s Tallinn Business Bank, Sberbank Croatia, Omnio Group, Khaleeji Commercial Bank of Bahrain, and U.K. challenger bank Tandem.

“Open banking is already enabling the next generation of digital financial services,” Clyde said. “It’s one of the biggest disruptions to hit the payments and banking industries in decades.” He praised Token for “providing the infrastructure to power these services, at this crucial time.”

With more than 4,000 connected banks, Token offers financial institutions a single API and Smart Token technology that provides an easy route to PSD2 compliance, as well as a way to make multi-banking available to their customers. Merchants can leverage Token’s technology to connect directly to customer bank accounts, enabling direct payments and lowering costs.

Clyde is the second big C-level change for Token in 2019. The company began the year by hiring 15-year technology and payments veteran Gaurav Kohli as its new Chief Technology Officer. Kohli was previously VP of Product Development, Architecture, and Platform Engineering at Visa where he oversaw merchant and acquirer processing.

This summer, Token was honored at the second annual PayTech Awards, taking home the top prize for Best Consumer Payments Initiative. In March, the company announced a collaboration with Konsentus to launch a fast PSD2 compliance solution that combines a PSD2 API with automated third party provider verification.

Token has raised $32 million in funding – including more than $16 million raised in June in a round led by Opera Tech Ventures. Founded in 2015 and based in San Francisco, California, the company made its most recent Finovate appearance at FinovateEurope 2017.

Finovate Alumni News

On Finovate.com

  • Trends at FinovateFall: The Big, the Small, and the Surprises
  • DefenseStorm Launches New Fraud Monitoring Solution
  • From Start-up to Scale-up: Token Introduces New CEO Todd Clyde
  • Temenos Buys Kony to Boost its Front Office Technology for Banks

Around the web

  • PayActiv partners with Fiserv to streamline access to earned wages.
  • ABN Amro teams up with open banking solution provider Tink to bring multi-banking functionality to the bank’s Grip app.
  • Avaloq appoints Imad Abou Haidar as its new Head of Asia.
  • BeSmartee launches its new Mortgage Loan Officer (MLO) Command Center for loan originators.
  • Marqeta to create 175 new jobs in 2019, growing its workforce beyond 400 people.
  • SparkPost unveils new SparkPost Recipient Validation service, a sender reputation protection service that helps eliminate harmful bounces.
  • Azimo’s Richard Ambrose moves from COO to CEO, replacing Michael Kent.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Onfido Unveils International Partner Program.
  • Pepper Power: HSBC Brings Robot Retail Banking to FinovateFall.

Around the web

  • Blockchain launches The PIT, an institutional-grade crypto trading platform.
  • IDology appoints Christina Luttrell as COO.
  • Featurespace delivers ARIC Fraud Hub with banking, payments, and processing solution provider Contis.
  • FIS closes acquisition of Worldpay.
  • TurkishBank teams up with Token to ensure PSD2 compliance.
  • Revolut hires former Metro Bank finance director David Maclean as its new Chief Financial Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alums Honored at PayTech Awards 2019

A handful of Finovate alums were among those earning top honors at the second annual PayTech Awards earlier this month. In categories ranging from e-commerce to real-time payments, four Finovate alums won commendations for their contributions to “excellence and innovation in the payments industry.” Another trio of alums took home “Highly Commended” runner’s up recognition.

We’ve listed those honored alums below along with the categories they competed in and a link to their most recent Finovate/FinDEVr conference demo video.

  • Token – Best Consumer Payments Initiative – video

And here are the alums that earned Highly Commended recognitions.

  • Fiserv – Real-Time Payments Solution Provider – video

The PayTech Awards consists of three categories: Judged Awards, Leadership Awards, and Ovum Payments Innovation Awards. In addition to those alums that won their categories – or earned Highly Commended honors – a few Finovate/FinDEVr alums were also short-listed ahead of the final votes. These companies – along with their category and most recent Finovate/FinDEVr video – are below:

To learn more about the awards – including a look at last year’s winners – visit the PayTech Awards homepage.

Finovate Alumni News

On Finovate.com

  • Workday Buys Blockchain-Based Identity Management Innovator Trusted Key.
  • nCino Acquires Analytics and Insights Specialist Visible Equity.

Around the web

  • Token.io announces partnership with U.K. property marketplaces StuRents and Mashroom.
  • Identity verification specialist Onfido partners with international payments provider Currencies Direct.
  • NewFi Wholesale implements LoanScoreCard’s automated underwriting system Portfolio Underwriter.
  • Apply Financial, Currencycloud collaborate to simplify cross-border payments.
  • Lending Club offers Levered Certificates backed by over $100 million in loans on its marketplace.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

How Facebook’s Libra Looks from Latin America; Indian Neobank Raises $30 Million

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Sub-Saharan Africa

  • Capetown, South Africa-based digital lender Lulalend raises $6.5 million in Series A.
  • Techpoint Africa looks at how fintechs are “democratizing investment opportunities” for Nigerians across the income spectrum.
  • The Catalyst Fund announces that three Africa-based fintechs – Turaco, Chipper Cash, and Salutat – will join its accelerator program.

Central and Eastern Europe

  • Estonia’s Tallinn Business Bank (TBB) partners with Icefire and Token to deliver PSD2 compliance.
  • Cointelegraph profiles Warsaw, Poland’s Alior Bank leverages Ethereum blockchain to authenticate client documents.
  • Polish Netflix subscribers will soon be able to pay for their viewing via the country’s Blik payment system.

Middle East and Northern Africa

  • Bahrain’s Bank ABC partners with Jumio, making it the first bank in the MENA region to offer biometric-based, digital KYC.
  • Egypt’s Banque du Caire to deploy omni-channel banking technology from Temenos.
  • Wamda interviews Elie Nasr founder of Lebanese fintech startup FOO.

Central and Southern Asia

  • The Bank of Mongolia will implement Intellect Design Arena’s Quantum Central Banking Solution as part of its digital transformation.
  • Indian SME-based neobank Open raises $30 million in Series B funding.
  • India’s Wizely introduces a new mobile savings account.

Latin America and the Caribbean

  • Contxto looks at the current fintech landscape of Mexico.
  • How will Facebook’s Libra project impact Latin America?
  • BBVA announces major changes to mortgage portfolio, including a rate reduction.

Asia-Pacific

  • U.K. regtech firm ClauseMatch teams up with Singapore-based consultancy Ingenia, the company’s first client in the country.
  • Axinan to work with PT Sompo Insurance to provide on-demand insurance options to Indonesian millennials.
  • The Monetary Authority of Singapore to issue as many as five new digital bank licenses.

Top image designed by Freepik

Token Lands $16.5 Million

Open banking expert Token received $16.5 million in a round of funding led by Opera Tech Ventures, the venture arm of BNP Paribas. The investment brings the company’s total funding to $35 million.

Also participating in today’s round are two banks headquartered in the Middle East and Southeast Asia, as well as existing investors Octopus Ventures and EQT Ventures. California-based Token will use the funds to build on its TokenOS open banking platform and develop new payment solutions with digital money and identity technology.

“As the emerging category leader in open banking infrastructure, Token gives banks a fast track to deliver great open banking customer experiences,” said Token Founder and CEO Steve Kirsch. “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.”

Founded in 2015, Token was built on the mission to create the next generation of payment capabilities. The company has 4,000 bank clients in its ecosystem in which participating online merchants to connect to the bank to allow the customer to make purchases directly from their bank accounts. Among Token’s clients are Tandem Bank, Think Money Group, An Post, Sberbank Croatia and Slovenia, and Khaleeji Commercial Bank.

Token showcased its PSD2 compliant solution at FinovateEurope 2017 in London. Last month, the company partnered with Omni Group to provide open banking and PSD2 compliance solutions to the group’s bank partners. This year, Token won Best Payments Newcomer in the 2019 Card and Payments Awards as well as Fintech Start Up of the Year in the 2019 FStech Awards.

Amazon Pay Fuels P2P in India; Fenergo Makes Friends in Bahrain

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Latin America and the Caribbean

  • Brazil’s central bank issues open banking guidelines for the country.
  • Crunchbase News looks at VC funding trends in Latin America and their impact on fintech investment.
  • LATAM Tech explores Argentina’s investment in blockchain technology.

Asia-Pacific

  • ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
  • China makes moves to ease cross-border ecommerce settlement.
  • Monetary Authority of Singapore (MAS) and Central Bank of Canada team up to trial DLT technology for cross border payments.

Sub-Saharan Africa

  • ESI Africa reports on the potential for fintech to drive economic growth in Africa.
  • Kenya’s 4G Capital, a financial services solution provider for micro, small, and medium-sized enterprises (MSMEs) opens offices in Uganda.
  • Fintech News Switzerland profiles the fintech scene in South Africa.

Central and Eastern Europe

  • Token helps drive Open Banking with new Sberbank Croatia partnership.
  • Lithuanian fintech Paysera announces plans to raise €2.5 million in a security token offering.
  • Banks in Hungary and Slovakia choose core banking technology from Oracle Financial Services.

Middle East and Northern Africa

  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • Wamda interviews Mohamed Okasha, co-founder of Egypt-based electronic payment gateway, Fawry.
  • Mercury Payment Services, a Dubai-based financial services company, to deploy AML technology from Fiserv.

Central and South Asia

  • TechCrunch: India tops China as destination for fintech investment.
  • Amazon Pay launches P2P payments for Android users in India.
  • Myamar-based financing platform Daung Capital closes Series A round after securing additional funding.

Top image designed by Freepik

Token Helps Drive Open Banking with New Sberbank Croatia Partnership

Sberbank Croatia has selected turnkey open banking platform provider, Token.io, to deliver PSD2 compliance and open banking capabilities, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Sberbank Croatia, subsidiary of Sberbank, is integrating TokenOS into its banking infrastructure to establish PSD2 compliance and enable the system flexibility required for it to develop new services, such as bank direct payments and account aggregation.

The news extends Token’s relationship with Sberbank, which began in 2018 when Token announced a partnership with Sberbank Slovenia, as Token sees increasing interest from the region.

Csaba Soos, CEO of Sberbank Croatia, said: “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia. By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”

Steve Kirsch, founder and CEO, Token added: “Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”

Token said that being cloud-based gives Sberbank both flexibility and scalability when initiating and managing transactions. Now, Sberbank Croatia can be accessed by any regulated TPP in Europe.

The bank gains crypto-based security and programmable money technology together with operational support, consent management, monitoring and reporting.

The partnership with Sberbank Croatia comes on the heels of Token’s recent announcement that it was teaming up with Omnio Group to help the digital banking platform provider deliver open banking opportunities and PSD2 compliance for its clients.

Founded in 2015 and headquartered in San Francisco, California, Token.oi demonstrated its technology at FinovateEurope 2017. The company has raised $18.5 million in funding, and includes Octopus Ventures, Plug and Play, EQT Ventures, and OP Financial Group among its investors.

Finovate Alumni News

On Finovate.com

  • BlueVine and GovQuote Team Up to Fund SMEs.
  • Bpm’online Focuses on Customization, Clean Data in Latest Update.

Around the web

  • Sberbank Croatia chooses Token for PSD2 compliance.
  • Silicon Canals highlights Meniga in its list of 10 Cool Icelandic Tech Startups to Work for in 2019.
  • MX wins a 2019 Utah Genius award.
  • U.Today features Stash and Crealogix in its roundup of Top 12 FinTech Companies to Watch in 2019.
  • Xignite earns spot on the WealthTech 100.
  • Lendio franchise opens in Erie to expand access to capital for local businesses
  • InComm’s Alder API wins award from the Innovative Payments Association.
  • BioCatch’s behavioral biometrics-based digital identity solution now available on the ForgeRock Marketplace.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.