Token, the UK-based developer of an open banking payment protocol, secured $15m yesterday in a series B round backed by subsidiaries of electronics producer Sony and financial services providers SBI and BNP Paribas.
Sony Innovation Fund by IGV, SBI Investment and Opera Tech Ventures were joined in the round by venture capital firm Octopus Ventures and EQT Ventures, the VC arm of investment firm EQT Partners.
Founded in 2015, Token provides software that allows customers such as energy utilities or credit card providers to accept direct financial transfers from accounts at more than 3,000 banks while meeting relevant regulations.
The company had previously secured $16.5m in a June 2019 round featuring Opera Tech Ventures, EQT Ventures and Octopus Ventures.
Octopus Ventures had already led a $15.7m series A round for Token in 2017, with contributions from financial services provider OP Financial Group, EQT Ventures, Digital Currency Group and Plug and Play Ventures.