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    Token, an open banking payments company, has raised $40 million.

    Token, an open banking platform driving the shift from card to account-to-account bank payments in Europe, has raised $40 million in a Series C funding round co-led by Cota Capital and TempoCap.

    Element Ventures, MissionOG, PostFinance and existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment, also participated in the round.

    Token says it will use the capital to expand open banking connectivity across Europe and introduce APIs for Variable Recurring Payments and open finance applications.

    “In the next four years, the global value of open banking payments is expected to exceed $116 billion, with Europe accounting for 75% of all transactions,” comments Todd Clyde, CEO of Token.io. “Europe has become a world leader in open banking, open finance and real-time payments, and Token holds a unique position in the marketplace. 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.”

    Customers that plug and play, white-label or have used Token.io’s open banking infrastructure to build their own propositions include BNP Paribas, HSBC, Mastercard, Nuvei, Paysafe, Ecommpay, Rewire, Coingate, Sonae Universo, Volt and Vyne.

    Based in London, Berlin, and San Francisco, Token currently processes tens of millions of open payments annually for over 80 payment service providers, gateways, banks and large merchants.

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