The rise of digital payments has changed the nature of how people do business with each other. և: open banking The move in the banking sector, where incumbents are finally embracing newer technologies such as APIs to open up their systems for modern integration, is leading to a wave of new payment methods that everyone hopes will become standard, such as cash or card payments. The British startup has called for the latest developments on this topic Token.io: has cut $ 40 million in funding to expand its special advancement in payment technology.
The co-financing is co-managed by Cota Capital և TempoCap, with the participation of Element Ventures, MissionOG և PostFinance, as well as former investors Octopus Ventures, Opera Tech Ventures և SBI Investments. The company did not disclose the rating, but CEO Todd Clyde confirmed that it was better than its previous funding.
But as a measure of Token’s technology գործունեության attractiveness, its customers include BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Raypd, Sonae Universo, Volt, Vyne and more. Names are not published (some use Token as a white label service, meaning that no brand will close that relationship). Clyde added that Token payments increased 20 times last year, now accounting for 21% of all account payments in the UK and Europe. proportion, which should increase as many of its customers accept their Token integrations. to live
One comparable to a Token և is a sign of how big the overall business is TrueLayer:A major open bank player also based outside the UK, which raised $ 130 million last year, valued at more than $ 1 billion.
If the name “Token” made you think about how this startup is somehow involved in cryptocurrency, you will be “wrong”. The company started a few years ago with the mission of creating alternative payment technologies to improve the way cross-border payments are made, and cryptocurrency was really part of that premise. In 2019, however, it developed its crypto businesswhich is called: M10: և Today it focuses on helping banks (state-owned banks, commercial banks) create և launch tokens used to create their own digital currencies և for other purposes.
The token has retained its name և some legacy of how the token has traditionally been used in financial services to continue its focus on secure և modern open banking technologies և has been part of a group of companies that have driven a wave of interest in construction. new services to compete with existing payment rails, promising consumers տալ give businesses more choice և reduce process costs.
Account-to-account payments are not a new concept in the most general sense, but it is a long and difficult and expensive process, not one that you would use for day-to-day payments, but something that required definition with banks, sometimes filling out paperwork. outside, համար to make payments. The innovations of companies like GoCardless have also changed over the last few years, in that it has become something as fast and easy as withdrawing a card or cash from your wallet.
“There was a point of deviation,” Clyde said. “Open banking solves the barriers to account payments, it will allow them to become the main ones. And so the absorption is pretty huge. “In the UK, we see 10 to 20% monthly growth.”
Interestingly, however, this seems to be still relatively small compared to the total amount of transactions, which underscores how much needs to be done before the billing concept (the companies that allow it) can count on any kind. main admission. Clyde now estimates that A2A accounts for only one-tenth of 1% of all payments in the UK, or that all indications are that it will become 10% of all payments in three years.
How to: Q: – another company account-for-account payment area that we covered just last week when it also announced its special funding for A2A, integrating it with POS services for retailers. Token’s approach was to create its own API, with which it did all the hard work to integrate with different banks to make payments possible.
In the UK, where open banking has been practiced with the country’s major banks for years, it is relatively straightforward as those banks use the same criteria. In Europe, Clyde said, this was a much more complex initiative when Token took 14 different banking standards, “harmonized” them, and embedded them in its API, effectively enabling account holders to access payments in thousands of 16 banks. different countries through its common API.
“Consolidation is a key value proposition for us,” he said.
Kevin Jacques – Partner at Cota Capital, who manages his investments in Token, has previously worked for Visa for many years, has led his own venture group (so he has a special, close knowledge of how to build, dominate the pay rails, as well as some of the shortcomings – the biggest today) – noted that this market will be a potential force Strong customer validation.
These are new regulations in Europe (և UK) that require multi-factor authentication to improve the security of digital payments. A2A, which comes directly from customer accounts, will mean that payment managers will have more account holder data in the file և will be able to speed up some processing as a result. Many transactions that are often abandoned due to processing delays և malfunctions, making it easy for both retailers and consumers to complete.
At home, while Token will focus primarily on more direct integration with its area, its partners, and its platform, it will consider how it can bring more services to complement core A2A payments to serve a wider range. use cases. I mentioned Clyde’s credit. Not all consumers want or can pay for goods in cash today, so why can they do it in A2A? Some will still need financing և loan alternatives. His answer. If Token is unlikely to build such services soon, it will likely work with others who interfere in the field to provide alternatives.
“The loan was a card, but it will be replaced by ‘buy now’, pay later with other types of loans,” he said.
We are currently in a particularly difficult financing market, so it is noteworthy that this phase of Token has closed in the last few weeks, which is a sign that transactions are still being made for the right teams, businesses.
“This stage speaks to the quality of Token as a business. “We see a real opportunity for some dynamic change in the payment market that does not happen only once every two years, even with open banking innovations,” said Adam Shepherd, Tempo’s investment partner, who led his investments. “Token has some deep, in-depth payout experience in the team,” I think. Funding is still available. But yes, there is a tougher market. “
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