Token.io, a U.K. startup, has raised $40 million in funding to expand its own particular push in payments tech account to account payments and accessing accounts for transactions by way of a single API deeper into the U.K. and across Europe.
Cota Capital is co-leading the funding, along with TempoCap and Element Ventures. Past investors Octopus Ventures and Opera Tech Ventures are also involved.
Although the company won’t disclose its valuation, CEO Todd Clyde said it was higher than previous financing.
Its customers include BNP Paribas and HSBC. Mastercard, Nuvei. Paysafe. Ecommpay. Rewire. Raypd. Sonae Universo. Volt. Vyne.
Account-to-account payments are not exactly a new concept in its most general sense, but it’s long been a complicated and expensive process, not something that you would use for everyday payments but something that required set up with banks, sometimes paperwork to fill out and fees to pay.
The idea that it can be done quickly and easily, thanks to innovations by companies like GoCardless, has been a catalyst for many changes in the past few years.