Token to Spin Off Digital Money Solution Token X to Form M10

Token to Spin Off Digital Money Solution Token X to Form M10
10.12.2019 10:55 am

Token to Spin Off Digital Money Solution Token X to Form M10

Open Banking

Leading open banking platform provider,, today announces the formation of M10 Networks, a new spin out company focused on developing digital money solutions.

Token will continue to consolidate its leadership in open banking infrastructure, where its popular market platform enables developers and banks to create innovative and trusted financial experiences through enhanced connectivity to global banking.

In contrast, M10 will focus on building out a bank-grade digital money rail that enables multinational banks to perform international money transfers, settlements and remittances instantly and at a low cost. Until now, M10 has been incubating under the Token X moniker.

Token will continue to be led by current CEO, Todd Clyde. Steve Kirsch, Token’s founder and current Chief Innovation Officer, will become CEO of M10. Marten Nelson, Token’s current CMO, becomes M10’s COO. The spin out has the full endorsement of Token’s Board of Directors.

“Token’s mission is to put a bank in every app,” comments Todd Clyde, Token’s CEO. “Our open banking market platform enables banks, merchants and developers to realise the promise of financial APIs today: seamless connectivity between banks and the world of commerce. The digital money standard which we have been incubating is equally unique and, as it emerges from the developer labs, now needs dedicated R&D to fulfil its potential. Now is the right time to form M10; the spin off will enable both entities to continue to develop their core propositions in parallel and without distraction.”

Steve Kirsch, CEO, M10, adds: “M10 is a new digital money payment rail that enables banks to increase their financial agility and evolve a new suite of international transfer services for their corporate and retail customers.

“Our mission is to overcome the problems related to transferring money internationally, so people worldwide can do business without friction. On M10, intra-bank transfers, cross-border remittances, FX, IoT payments and B2B payments can all be performed in real-time, with no counterparty risk and at a lower cost than existing rails. M10 is already in proof-of-concept trials with several financial institutions, and we will soon be announcing our first customers.” 

Jo Oliver, Partner, Octopus Ventures, comments: “Spinning M10 out from Token is a strategic decision that will give both teams the dedicated resources they need to thrive. While Token extends its global leadership in open banking, M10 can now establish a new category in digital money. This is an exciting moment in the history of both companies, and we look forward to working with Token and M10 as they continue to grow.”

Token and M10 will remain close partners to enable synergies for their respective customers.  

Token will retain its offices in San Francisco, London and Berlin. M10 is based in Silicon Valley. In addition to Steve Kirsch and Marten Nelson, the R&D team who were dedicated to the digital money proposition at Token will move across to M10.

Related News

Funding Options uses Open Banking to reduce business loan decision times

Funding Options, the marketplace for business finance, is now using Open Banking to make it quicker and easier for businesses to access finance. Businesses applying for finance... Read more »

Yapily raises $13m in Series A funding to drive the global open finance revolution

Leading enterprise connectivity platform Yapily has today announced that it has raised $13m in a Series A funding round. The fintech will use the investment to drive open... Read more »

Lendonomy selects Neonomics to build Norway’s very first PSD2 crowdlending solution

Lendonomy, a Norwegian fintech startup that is developing a blockchain-based “Airbnb for lending” targeting GenZ, and Neonomics, a leading provider of open banking APIs... Read more »

National initiative launched by Fintech Tully aims to help 17 million people in the UK who have been financially impacted by COVID-19

Tully, Nottingham-based Fintech, has today announced the launch of their COVID-19 Relief and Wellbeing Network to help people financially impacted by the COVID crisis get... Read more »

Billingo to digitalize the billing services with Salt Edge data aggregation

Billingo, the second-largest online invoicer in Hungary joined hands with Salt Edge, a leader in developing open banking solutions, to become the very first online biller in... Read more »

Open Banking growth spurs BIAN’s global memberships

Independent not-for-profit standards association, The Banking Industry Architecture Network (BIAN), today officially welcomes a... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel