Token io raised $40 million in a Series C funding round co-led by Cota Capital and TempoCap.

Token, a London, UK-based developer of an open payments platform, announced closing a $40 million Series C financing.

The money was raised from investors co-led by Cota Capital and TempoCap, and joined by Element Ventures, MissionOG, PostFinance and existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment.

Proceeds will be used as the company is betting on the shift from traditional payment methods like cards and wallets to open banking-enabled Account-to-Account (A2A) payments. It will do this by differentiating its purpose-built platform for existing payment providers and expanding open banking connectivity across Europe

Token, founded in 2016 and led by CEO Todd Clyde, built an infrastructure platform for banking, which helps both corporations and consumers conduct fast account-to-account payments, reports exponential growth throughout the pandemic. The company says that it is now processing live transactions through PSD2 APIs from over 600 banks in 14 countries across Europe. 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.

Token previously raised a total of $50 million, with series B announced in 2020.