Payments technology firm Burbank has raised £5m in seed financing to support the launch of its payments platform Card Present over Internet (CPoI).
The funding round, led by Mouro Capital, will help the Cardiff-based FinTech to accelerate the global roll out of its platform.
The firm says CPoI redefines two-factor authentication by enabling, for the first time ever, card-present payments in online channels.
When shopping online, consumers can now tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store.
Until now, online payments were card-not-present transactions, which have high and increasing levels of fraud, chargebacks, and false positives.
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“We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel,” said Justin Pike, founder and CEO of Burbank.
“In-store we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.”
Manuel Silva Martinez, general partner at Mouro Capital, added: “I’m thrilled to support Justin and his team of payments experts.
“Burbank offers a simple, seamless integration through a single while-label SDK, which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.”