Burbank secures £5M in series seed funding to launch CPoI
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 in, 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.
Justin Pike, Founder and CEO of Burbank, said: “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. 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, explained the investment, stating: “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.”
Ruth Foxe Blader, General Partner at Foxe Capital, added: “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”
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.
