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Information Technology
In a significant move that aims to redefine the digital payment landscape, Cardiff-based FinTech firm Burbank has secured a substantial investment of £5 million. This funding, led by Mouro Capital, marks a crucial milestone in the global rollout of Burbank's pioneering payments platform, Card Present over Internet (CPoI). The platform promises to bring the trust and security of in-store transactions to the online world, leveraging a unique tap-and-PIN method that aligns with the seamless experience of brick-and-mortar stores.
CPoI is a revolutionary technology that enables card-present payments online for the first time ever. Traditionally, online transactions have been categorized as card-not-present, which are more susceptible to fraud and chargebacks. Burbank's CPoI technology changes this by allowing consumers to tap their card to their mobile device and enter their PIN, mirroring the in-store experience.
The £5 million funding round led by Mouro Capital also saw participation from Anthemis (supported by Foxe Capital), Portfolio Ventures, and other investors. This capital injection will primarily be used to expand Burbank's team, enhance its platform, and accelerate the global rollout of CPoI.
The introduction of CPoI is poised to make a profound impact on the digital payments sector by addressing some of its most pressing issues—fraud, chargebacks, and customer trust.
Burbank's strategy for global expansion focuses on forming white-label partnerships with major acquirers, payment service providers (PSPs), and payment gateways. This approach will allow CPoI to integrate seamlessly into existing payment ecosystems, offering merchants a scalable and secure solution for online transactions.
Burbank's CPoI platform represents a groundbreaking evolution in digital payments, promising to revolutionize the way online transactions are conducted. With its innovative technology and strategic partnerships, the firm is well-positioned to become a leader in the FinTech industry. As Burbank continues to grow, it will play a pivotal role in shaping the future of online payments, enhancing security, trust, and efficiency across the globe.
