Token to spin out Token X as M10 Networks: The digital money rail for banks that solves the world’s payment problems
10 December, 2019 – Leading open banking platform provider, Token.io, today announces the formation of M10 Networks, a new spin out company focused on developing digital money solutions.
Token will continue to consolidate its leadership in open banking infrastructure, where its popular market platform enables developers and banks to create innovative and trusted financial experiences through enhanced connectivity to global banking.
In contrast, M10 will focus on building out a bank-grade digital money rail that enables multinational banks to perform international money transfers, settlements and remittances instantly and at a low cost. Until now, M10 has been incubating under the Token X moniker.
Token will continue to be led by current CEO, Todd Clyde. Steve Kirsch, Token’s founder and current Chief Innovation Officer, will become CEO of M10. Marten Nelson, Token’s current CMO, becomes M10’s COO. The spin out has the full endorsement of Token’s Board of Directors.
“Token’s mission is to put a bank in every app,” comments Todd Clyde, Token’s CEO. “Our open banking market platform enables banks, merchants and developers to realise the promise of financial APIs today: seamless connectivity between banks and the world of commerce. The digital money standard which we have been incubating is equally unique and, as it emerges from the developer labs, now needs dedicated R&D to fulfil its potential. Now is the right time to form M10; the spin off will enable both entities to continue to develop their core propositions in parallel and without distraction.”
Steve Kirsch, CEO, M10, adds: “M10 is a new digital money payment rail that enables banks to increase their financial agility and evolve a new suite of international transfer services for their corporate and retail customers.
“Our mission is to overcome the problems related to transferring money internationally, so people worldwide can do business without friction. On M10, intra-bank transfers, cross-border remittances, FX, IoT payments and B2B payments can all be performed in real-time, with no counter-party risk and at a lower cost than existing rails. M10 is already in proof-of-concept trials with several financial institutions, and we will soon be announcing our first customers.”
Jo Oliver, Partner, Octopus Ventures, comments: “Spinning M10 out from Token is a strategic decision that will give both teams the dedicated resources they need to thrive. While Token extends its global leadership in open banking, M10 can now establish a new category in digital money. This is an exciting moment in the history of both companies, and we look forward to working with Token and M10 as they continue to grow.”
Token and M10 will remain close partners to enable synergies for their respective customers.
Token will retain its offices in San Francisco, London and Berlin. M10 is based in Silicon Valley. In addition to Steve Kirsch and Marten Nelson, the R&D team who were dedicated to the digital money proposition at Token will move across to M10.
Token is the industry’s leading open banking infrastructure provider, with offices in San Francisco, London and Berlin. By putting a bank in every app, Token is creating the digital connectivity shaping the future of banking-enabled commerce.
Token’s open banking market platform enables banks and developers to set the pace of innovation in digital financial services, unrestrained by technical complexity and regulatory compliance.
By offering value-added payments functionality together with standardised, API-based access to over 3,000 banks across Europe and beyond, Token helps banks and businesses to drive new revenues through the creation and delivery of market leading open banking payment and data experiences.
Developer friendly from the ground-up, Token offers a complete developer toolkit including a single integration for both data and payments.
Token.io Limited is authorised as an AISP and PISP by the FCA in the UK and has passporting rights in an additional 20 countries.
About M10 Networks
M10 Networks is solving the problems associated with transferring money internationally, so people worldwide can do business without friction.
M10’s bank-grade digital money rail enables multinational banks to increase their financial agility and evolve a new suite of international transfer services for their corporate and retail customers. It allows banks to use digital money instead of conventional payment systems to perform international transfers, settlements and remittances instantly and at a low cost. The M10 network can be used for central bank currencies, inter-bank transfers, capital markets, treasury management, IoT, B2B, P2P transactions and more.
Unlike other payment rails, M10’s centralized, shared and hierarchical ledger complies with all banking regulations worldwide, does not use blockchain or cryptocurrency and integrates easily with a bank’s existing infrastructure.
M10 was founded by serial Silicon Valley entrepreneur, Steve Kirsch, who has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.
For further information, please consult: www.M10.io.