New York, USA-based platform that enables card issuers to automatically switch saved payment methods at the request of their users, Knot raised USD 10 million in Series A financing. The round took place on August 4, 2023. Nava Ventures led the financing for the firm. Amex Ventures, Plaid, and more than 20 world-leading CEOs and founders joined in the investment.
Purpose of financing for Knot
With the latest financing, the company intends to further bolster its services and accelerate the expansion of its merchant support.
Knot plans to expand its merchant support even further, aiming to ultimately encompass virtually all online merchants. Knot also plans to further scale additional products, such as the Knot Subscription Canceller and Account Creator, to help financial institutions seamlessly integrate into their customer’s digital lives. This commitment to broad support reflects Knot’s dedication to improving payment processes for businesses and consumers alike and to maintaining a customer-first approach in all its operations.
What the company’s official has to ask
Rory O’Reilly, CEO of Knot, further said, “Securing this Series A funding signifies the immense trust our investors have in Knot’s potential to revolutionize the way card issuers manage their customers’ payment methods. We’re grateful for the chance to further our mission of building a financially interconnected future, and we’re excited about the new opportunities this funding opens up for our team and our customers.”
What the investors have to comment
Matt Sueoka, SVP and Global Head of Amex Ventures, further said, “We see the potential of Knot’s technology to improve the customer experience in updating card credentials on file while also enabling uninterrupted payments for merchants. We’re excited to support Knot as they scale their current operations and build out new products and services.”
About the company
Rory O’Reilly in 2019 launched the fintech company. Knot specialises in card-on-file management. It provides a secure, user-friendly solution for businesses to automatically switch saved payment methods at the request of their users. With Knot, card issuers can update card-on-file information instantly and seamlessly. It further enhances the customer experience, and drives increased interchange revenue from day one.
Knot is a go-to solution for card issuers looking to increase user spending as well as reduce churn. Its API offers card issuers the ability to instantly update card-on-file information at almost any merchant with a few lines of code. The consequences lead to an easier onboarding experience for consumers and more revenue and retention for the bank.
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