French bank BNP Paribas invests $16.5 million in a startup payment platform
The fintech company Token has raised $16.5 million in funding, including investment from the venture capital arm of France's largest bank, BNP Paribas.
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Token was founded by Silicon Valley entrepreneur Steve Kirsch in 2015. TokenOS is the company's open banking platform that enables secure, real-time, frictionless payments and transfer of funds and information between banks, customers, and developers. The company plans to further develop the TokenOSTM operating system with this funding and accelerate payment innovation through digital currency and ID solutions.
Reports indicate that Opera Tech Ventures, the venture capital arm of BNP Paribas in France, participated in the latest funding round, along with existing investors such as Octopus Ventures and EQT Ventures from the Yinke Group.
The company currently has over 4,000 banks connected to its platform, with Mastercard being one of its partners in the open banking business center. Partner banks include Tandem Bank, Think Money Group, Sberbank Croatia, Slovenia, An Post in Ireland, and Bahrain Commercial Bank, among others.
Steve Kirsch, the founder and CEO of Token, stated:
For banks, establishing an early position in this market is a competitive advantage, as a variety of innovative financial applications and services will soon emerge, so banks need to clarify their future role.
It is understood that this funding will support Token's expansion and connectivity with banks across Europe. The company's next step is to introduce a stablecoin Token X, which is 100% asset-backed and enables instant global fund transfer at very low cost, aiming to revolutionize consumer and business payment methods.
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