Account to account payment infrastructure provider Token.io bags investment from banking giant HSBC

European FinTech firm Token.io reports that HSBC has become a strategic investor. Financial terms of the agreement were not disclosed.

It has partnered with the bank since 2019 to power its HSBC Open Payments solution.

Todd Clyde, CEO at Token.io, comments: “We are excited to deepen our partnership with HSBC as we embark on this collaboration. This investment will not only accelerate Token.io’s growth and innovation, it will also advance our shared vision of making Pay by Bank a mainstream payment method - delivering benefits for HSBC’s customers across the region.”

News! 📣 @token_io’s hosted payment pages make Pay by Bank faster and simpler to maximise conversions — and they’re already in use by our partners like @PrommtHQ.

Learn more ↘ https://t.co/M50B9rZCqR#payments #paybybank #paymentnews pic.twitter.com/PqaIZ49ZYy

— Token.io (@Token_io) June 4, 2024

Manish Kohli, Head of Global Payments Solutions at HSBC, says: “Our investment reflects the trust and confidence we have in their team and technology, and our firm belief in the role that innovative Open Banking solutions play in transforming the payments experience for both corporates and consumers.”

HSBC's Open Payments solution enables customers to initiate direct bank payments from third-party platforms quickly and securely. The bank is also broadening its adoption of Token.io’s infrastructure for Pay by Bank, offering clients an option for peer-to-peer payments, account deposits and loan repayments.

Users pay directly from their bank accounts, authenticating transactions using their banking app. Token.io’s solutions currently enable nearly anyone with a bank account in the UK and Europe to use Pay by Bank.

2025 RTIH INNOVATION AWARDS

Payments will be a key focus area at the 2025 RTIH Innovation Awards.

The awards, which are now open for entries, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.