token

paymentscryptocurrencycompliance

FOUNDING YEAR: 2015
LOCATION: United States
Last Update: 17/07/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

About

Token supplies software that enables banks to transform PSD2 from a compliance project and major threat into a significant new revenue opportunity from a new digital payment network and an API ecosystem. Token achieves two key objectives with a single, integrated “banking as a platform” solution: 1) full compliance with the EU PSD2 directive while reducing risk, and 2) creation of a new, modern, open payment network enabling banks to monetize without fee caps

MEDICI Analysis

Token provides banks with open API technology that enables third parties to securely access banking services in real time. The PSD2-compliant open banking platform creates an ecosystem of banks and developers where they can easily and securely move money and information on a global scale. Recently, the company was selected by Plug and Play ADGM for the second batch of its FinTech program (2019).

Focus

PRODUCTS & SERVICES

The solutions offered include: PSD2 Compliance: It offers turnkey PSD2 compliance solutions that enable banks and financial institutions to meet PSD2 requirements by integrating with the TokenOS cloud service. This will allow third parties (AISPs and PISPs) to access customers’ bank accounts via the TokenOS API. B2B Payments: B2B payments are powered by smart tokenization that enables buyers to authorize smart token payments, which can then be requested by the supplier from the buyer’s bank by redeeming the smart token. Account Aggregation: It enables users to aggregate customer account data with a single request. Businesses can utilize the TokenOS API to access their clients’ information such as account balance and transaction history from their accounts at other banks. Payment Initiation: It enables the Payment Initiation Service Provider (PISP) to initiate payments on behalf of their customers. The PISP can simply onboard the Token network and add the Token Quick Checkout widget to their checkout system.

REVENUE MODEL

software license fee and transaction fee

MAIN CLIENTS

Banking

financial institutions

and E-commerce companies.

PRIMARY PROBLEM SOLVED

Problems associated with PSD2 compliance for banks in EU including 1) mass security breaches, 2) disintermediation, 3) negative ROI

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

COMMENT

Token features include crypto-signed API calls; third-party developer tools; cross-border transfers using high performance shared currency ledgers hosted at central banks; a new paradigm for payments ("programmable money"); and tools for banks to manage pricing with regard to optimizing profitability for both retail and corporate transactions.

People

FOUNDERS

Steve Kirsch

Vladimir Vayer

Zohar Steinberg

BOARD MEMBERS AND ADVISORS

David Krell

Noah Shanok

David True

Steve Kirsch

NUMBER OF EMPLOYEES

11-50

INVESTORS:

David Krell

EQT

Lawrence Fish

Octopus

OP Financial Group

Plug and Play

Startupbootcamp

Startupbootcamp Fintech New York

KEY EMPLOYEES:

Bill York

Steve Kirsch (CEO)

Todd Clyde (COO)

Alexey Kalinichenko (CTO)

COMMENT:

Our CEO is a successful entrepreneur with multiple billion dollar exits. Our CTO was the former global CTO of CitiGroup where he processed quadrillion of dollars in payments. In short, the team knows banking,tech.

Momentum

FUNDED

YES

TOTAL FUNDING

$36.05 M

DATE OF LAST FUNDING

Apr 2019

TOTAL FUNDING COMMENT

The company could have also got between $25,000–$500,000 in seed capital with its participation and graduation from the Plug and Play FinTech program in 2016.

SEED & PRIOR FUNDING

$1.05 M

SEED CLOSED ON

Apr 2019

FUNDING SERIES

SERIES A  · $18.5 M  · Apr 2017

OTHERS  · $16.5 M · Jun 2019

PRIZE MONEY

$20 K

LISTED

NO

COMMENT

Received a stipend of $20,000 Singapore Dollars (USD $14.4K) from the MAS FinTech Hackcelerator.

For Investors

FUNDING NEEDED:

$25 M

USES OF FUNDS RAISED:

1. Build out EU sales and marketing team

2. Deliver 1.0 product

MONTHS LEFT WITH CURRENT CASH BURN RATE:

6 months from 24 May, 2016

COMPETITORS:

Ripple

in-house solutions

Innovation Programs

BASICS

FOUNDING YEAR:

2015

LOCATION:

United States

Views:

249 VISITORS | 575 VIEWS
LATEST FUNDING ROUND

$36.1 M

TOTAL EMPLOYEES
11-50

About

Token supplies software that enables banks to transform PSD2 from a compliance project and major threat into a significant new revenue opportunity from a new digital payment network and an API ecosystem. Token achieves two key objectives with a single, integrated “banking as a platform” solution: 1) full compliance with the EU PSD2 directive while reducing risk, and 2) creation of a new, modern, open payment network enabling banks to monetize without fee caps

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Token provides banks with open API technology that enables third parties to securely access banking services in real time. The PSD2-compliant open banking platform creates an ecosystem of banks and developers where they can easily and securely move money and information on a global scale. Recently, the company was selected by Plug and Play ADGM for the second batch of its FinTech program (2019).

Focus+
Momentum+
People+
For Investors+
Other+

Innovation Programs

Join the exclusive global FinTech community

Be a part of the global FinTech community on Slack

token

About

Token supplies software that enables banks to transform PSD2 from a compliance project and major threat into a significant new revenue opportunity from a new digital payment network and an API ecosystem. Token achieves two key objectives with a single, integrated “banking as a platform” solution: 1) full compliance with the EU PSD2 directive while reducing risk, and 2) creation of a new, modern, open payment network enabling banks to monetize without fee caps

Focus

PRODUCTS & SERVICES

Payment system for the digital era

REVENUE MODEL

software license fee and transaction fee

TOP PROBLEM SOLVED

Problems associated with PSD2 compliance for banks in EU including 1) mass security breaches, 2) disintermediation, 3) negative ROI

PRODUCT DEVELOPMENT STAGE

MVP

KEY DIFFERENTIATORS

Only PSD2 solution that allows banks to charge for API access

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

People

FOUNDERS

Steve Kirsch

Vladimir Vayer

Zohar Steinberg

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

CEO, FOUNDER: Steve Kirsch

VP Product Development: Bill York

employee: Steve Kirsch (CEO)

employee: Todd Clyde (COO)

employee: Alexey Kalinichenko (CTO)

FOUNDER: Vladimir Vayer

FOUNDER: Zohar Steinberg

TEAM COMMENT:

Our CEO is a successful entrepreneur with multiple billion dollar exits. Our CTO was the former global CTO of CitiGroup where he processed quadrillion of dollars in payments. In short, the team knows banking,tech.

BOARD MEMBERS AND ADVISORS:

David Krell, Noah Shanok, David True, Steve Kirsch

INVESTORS:

David Krell

David Krell

David Krell

David Krell

EQT

Lawrence Fish

Lawrence Fish

Lawrence Fish

Lawrence Fish

Octopus

OP Financial Group

Plug and Play

Startupbootcamp

Startupbootcamp

Startupbootcamp

Startupbootcamp

Startupbootcamp Fintech New York

Startupbootcamp Fintech New York

Startupbootcamp Fintech New York

Startupbootcamp Fintech New York

Momentum

FUNDED

NO

TOTAL FUNDING:

$1.7 M

LISTED

NO

FUNDING SERIES
Seed Jan 2016 --- USD1.7 M Comment on Seed convertible note