Cardiff-based fintech company, Burbank, has raised £5 million in seed funding to support the global rollout of its innovative payment solution, Card Present over Internet (CPoI). This seed round was led by Mouro Capital, with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures, and a number of other investors.
Burbank’s CPoI technology introduces a new approach to online payments by enabling Card-Present transactions over the internet for the first time. Traditionally, online purchases have relied on Card-Not-Present (CNP) transactions, which are more susceptible to fraud, chargebacks, and false positives. With CPoI, consumers can complete online transactions by tapping their card on a mobile device and entering their PIN, mirroring the familiar and trusted in-store payment experience.
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, added:
“I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single white-label SDK, which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.”
The introduction of CPoI is poised to address longstanding challenges in online commerce by reducing fraud and operational friction, while enhancing the user experience for consumers hesitant to enter or store card details online. Burbank’s platform offers a simple, seamless integration through a single white-label SDK, securely integrating into existing technology stacks and supporting multiple schemes on iOS and Android.
Ruth Foxe Blader, General Partner at Foxe Capital, highlighted the scalability and impact of CPoI:
“CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”
This funding follows Burbank’s successful live demonstration of the world’s first online card-present transaction, conducted in Wales on 13th March.
The company plans to use the investment to accelerate the global rollout of its platform, further develop its technology, and expand partnerships with acquirers and payment providers worldwide.
With its innovative approach to online payments, Burbank is set to redefine the digital payment landscape, offering consumers and merchants a more secure and streamlined transaction experience.
