Investors pour $16.5 million into Token's open banking tech

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Open-banking technology provider Token has secured $16.5 million in a strategic investment from investors that include Opera Tech Ventures, the venture arm of BNP Paribas.

Other participants in the funding round included existing investors Octopus Ventures and EQT Ventures, San Francisco-based Token said in a Tuesday press release.

Token has raised about $35 million since its launch in 2015. The fresh capital will go toward building TokenOS, the startup’s open banking platform that has connections to 4,000 banks.

“A new wave of independent financial apps and services will soon be available to bank customers, so banks need to be clear about their future roles,” said Steve Kirsch, Token’s founder and CEO, in the release.

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