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Utilities
In a significant move to enhance security and user experience in online payments, Welsh startup Burbank has successfully raised £5 million in seed funding. This investment, led by Mouro Capital with participation from Anthemis (supported by Foxe Capital) and Portfolio Ventures, aims to bring the familiarity of in-store tap and PIN transactions to the e-commerce domain through its Card Present over Internet (CPoI) technology[1][2].
CPoI is a groundbreaking approach that treats online payments as card-present transactions, similar to those conducted in physical stores. Traditionally, online purchases are categorized as card-not-present (CNP) transactions, which are more susceptible to fraud and chargebacks. By allowing users to tap their card on a mobile device and enter their PIN to complete a transaction, Burbank’s CPoI system provides a more secure and familiar method of payment for consumers worldwide[3][4].
Burbank's innovative CPoI technology integrates seamlessly with mobile applications, allowing consumers to use their cards online just as they would in a store. This method reduces the need for storing payment details online, thereby lowering the risk of data breaches and financial fraud. Here are key features of Burbank's payment authentication system:
The adoption of CPoI technology by merchants offers several benefits:
The £5 million funding will primarily be utilized to launch and expand Burbank's CPoI platform globally. This strategic investment will support the refinement of the technology to accommodate wider industry adoption, ensuring that Burbank's innovative payment solution reaches a broader audience[2][4].
Justin Pike, CEO of Burbank, expressed his enthusiasm for bringing this payment revolution to the world, highlighting the importance of uniformity in payment experiences across different channels. "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," Pike emphasized[1][5].
Ruth Foxe Blader, General Partner at Foxe Capital, noted that CPoI is the first protocol to legally shift liability away from the merchant, offering a massively scalable approach with significant global demand. This scalability is crucial as Burbank aims to integrate its technology seamlessly into existing payment stacks, supporting multiple card schemes on both major mobile platforms[2][4].
The success of Burbank's CPoI could have a profound impact on the future of online payments. By bringing a trusted payment method from physical stores to online channels, Burbank is bridging a gap in transaction security and user experience. If widely adopted, this technology could set new standards for secure and convenient digital transactions, potentially influencing future payment authentication protocols globally[2][4].
In conclusion, Burbank's CPoI technology represents a leap forward in online payment security and user experience. As the company continues to develop and expand its platform, it is poised to leave a lasting impact on the digital payments landscape.
