Burbank, a pioneer in next-generation payments technology, has announced its £5 million seed financing to support the launch of its ground-breaking payments platform, Card Present over Internet (CPoI). The funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others. These funds will accelerate the global roll out of Burbank's platform.
CPoI redefines two-factor authentication by enabling, for the first time ever, Card-Present (CP) payments in online channels. When shopping online, consumers can now simply 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 (CNP) transactions, which have high, and increasing levels of fraud, chargebacks, and false positives resulting in a more challenging and expensive experience for both merchants and consumers.
In addition to Burbank’s platform eliminating these challenges faced by online merchants, CPoI also removes barriers to online shopping by enabling consumers to pay online the same way they do in-store, resulting in a frictionless online experience. Great news for those wary of entering and/or storing their card details online, or who may struggle with convoluted online checkout experiences.
Burbank’s advanced platform offers unparalleled convenience and robust security, empowering consumer-facing businesses to innovate in customer experience and unlock new revenue opportunities.
By combining ease of use with cutting-edge security, Burbank’s technology supports businesses in delivering exceptional and innovative customer interactions that fuel growth and set new standards in the market.
