What. A. Year.
Last year, Token.io’s technology underpinned some of the most successful Open Banking payment deployments, driving 800% growth in payment volumes in Europe and 300% growth in the UK.
Thank you to our partners, customers, investors, and employees for being part of our extraordinary journey in 2022.
Join us as we look back on an exciting year of growth — and ahead to Token.io’s biggest year yet.
Looking back
Last spring, TechCrunch broke the news that that Token.io raised $40 million in a Series C funding round co-led by Cota Capital and TempoCap, with participation by Element Ventures, MissionOG, PostFinance and existing investors Octopus Ventures, Opera Tech Ventures and SBI Investment.
Throughout 2022, Token.io expanded its coverage to include over 80% of bank accounts in 14 European countries, with the most recent addition of Ireland. And we’re not done yet. Watch this space as we announce coverage to more exciting markets soon.
Token.io also drove the payments conversation at Money 20/20 Europe, Viva Technology, and on stage at Open Banking Expo Europe, the Payments Innovation Forum, Open Banking Expo UK, GovPay, the Merchant Payment Ecosystem and The Open Banking World Congress.
Last autumn, Token.io launched our second annual Variable Recurring Payments (VRP) survey report, proudly presented with Open Banking Expo. Our research uncovered that replacing card-on-file with account-on-file will be the most exciting use case for VRP — and could be the killer app for Open Banking payments.
At October’s Open Banking Expo UK, we went on to announce that Token.io had teamed up with NatWest to unlock a wider range of use cases for VRP by launching support for non-sweeping services. This year, we look forward to helping our customers go live with new VRP propositions, and have plans to make VRP for non-sweeping services available through other leading banks in the United Kingdom. We are also working on supporting the development of equivalent recurring payment services in Europe.
Last year, Token.io also co-founded the Open Finance Association, with the goal of furthering open finance in the UK and EU and driving adoption of a competitive and convenient instant payment method based on open payments.
2022 was also a year of awards and accolades at Token.io. We kicked off the year with PayTech Company of the Year awards at both of the UK Fintech Awards and Fintech Awards London. Token.io won at the Qorus-Capgemini NewTech Challenge in Payments awards, took home the prestigious Open Banking Innovation Platinum Award at Juniper Research’s Future Digital Awards. Token.io was also recognised as a leading Open Banking payment provider by the Nilson Report, Forrester and Celent, and recently closed off the year with Sifted naming Token.io as one of the fastest growing fintechs of 2022.
Last but certainly not least, throughout 2022, we were honoured to continue to support our incredible customers and partners on their Open Banking payment journeys, including Mastercard, HSBC, BNP Paribas, Nuvei, Paysafe, Computop, Prommt, Noda, Deutsche Payment, Ecommpay, Everpay and many others.
Looking ahead
2023 is already shaping up to be an even bigger year for Token.io and Open Banking payments.
We look forward to seeing new legislative proposals for instant payments make their way through EU parliament and council in 2023. Given a clear direction of travel for mandated support of SEPA Instant Credit Transfers, we expect to see more banks across the 27-member European Union begin offering instant payment this year. This will be a major enabler for Open Banking enabled A2A payments as they continue to become a truly mainstream, Pan-European payment method.
In Europe, we will also see a legislative proposal on an open finance framework and “PSD3” emerge in the first half of 2023. We are hopeful these will include measures to help Open Banking flourish further, such as improving and standardising user experiences and enhancing the quality of open banking APIs across Europe.
In 2023, the SEPA Payment Account Access (SPAA) scheme will help Europe shift from a regulatory environment where banks may feel “forced” to act towards a model of co-creating value within an ecosystem. Under this scheme, European banks could charge fintechs for access to premium APIs that provide enhanced functionality beyond that required under PSD2, including premium APIs for Dynamic Recurring Payments (the European equivalent to VRP).
While the SPAA scheme currently focuses on premium APIs for payments, we expect it to be a game-changer for the future of payments and an essential building block for the future of open finance in Europe.
Finally, in the UK, the Joint Regulatory Oversight Committee (JROC) is expected to issue its vision of the future of Open Banking in the UK in Q1 2023. This will provide much-needed clarity on relative roles and responsibilities of regulators and industry entities in evolving Open Banking going forward.
Don’t miss a beat
New capabilities. New coverage. New partners. New steps to furthering open finance and delivering the future of payments in the UK and Europe.
This year, we are more excited than ever to drive the shift to faster, fairer, frictionless Open Banking-enabled payments.
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