Token raises $40m in latest funding round, the Open Banking payments platform, 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 also participated in the latest funding round, with Torch Partners advising on the financing.

The latest funding will be used to enable the continued drive to shift from traditional payment methods like cards and wallets to Open Banking-enabled Account-to-Account (A2A) payments, Token said.

Todd Clyde, chief executive at Token, said: “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.”

“Our previous investments at TempoCap have shown us the increasing importance of embedded finance, and we are delighted to support the Token team in this next phase of the company's growth,” Adam Shepherd, investment partner at TempoCap, said.

Firms that have used’s Open Banking infrastructure to build their own propositions include BNP Paribas, HSBC, Mastercard, and Paysafe.

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