Financial services provider OP Financial Group was among the investors in a $15.7m series A round for US-based banking software producer Token on Monday.
The round was led by Octopus Ventures and included fellow venture capital firm Digital Currency Group, VC fund Plug And Play Ventures and EQT Ventures, part of private equity group EQT.
Founded in 2015, Token has created a turnkey open banking platform that enables banks to offer a secure end-to-end secure payment system that can generate additional revenue through features such as e-commerce checkout, bill payment and business-to-business payments.
OP Financial’s participation in the round follows a partnership it agreed with Token earlier this month that will involve the startup’s frictionless authentication technology being incorporated into its payment system.
Steve Kirsch, Token’s founder and CEO, said: “Securing the backing from such world-class investors allows us to grow and execute faster on our mission to reinvent the world’s payment systems by providing common, secure access to all banks and a modern, bank-centric payment ecosystem.
“Each firm shares our excitement about the future of open banking and fully appreciates the impact that programmable money will have on the future of digital transactions.”