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Welsh payments technology startup, Burbank Developments, has secured £5m to support the launch of its fledgling payments platform Card Present over Internet (CPoI). The seed funding round was led by Mouro Capital.
Cardiff-based, Burbank claims that CPoI offers a completely new approach to two-factor authentication by facilitating card-present payments via online channels for the very first time. The fintech’s platform enables consumers equipped with a suitable smart-phone or similar mobile device, to tap their card to securely complete a transaction using their pin number, just like using a retailers card terminal.
Burbank, which started life in 2021 is the brainchild of CEO and serial founder Justin Pike. Pike’s previous ventures include eNett International, MYHSM and MYPINPAD. Up until now, online payments have always been classified as card-not-present transactions. For obvious reasons, these types of payment are subject to a much higher level of fraud with such incidents on the increase.
The advent of Burbank’s CPoI offers the potential for a consistent payments experience, regardless of channel and more importantly similar levels of validation and security. Tap and PIN, is a secure payments method that has been adopted globally and is widely trusted and Burbank’s technology is bringing this same process in online.
Apple launched Tap to Pay functionality in the UK in July 2023 following a successful roll-out in the US twelve months earlier. The technology enabled retailers to accept contactless card payments via mobile devices without the need for ancillary hardware. Despite the usual Apple fanfare, Android users had already had access to similar functionality on their devices for several months prior to this date. London-based fintech, Dapio (previously known as Paymob) launched its own Tap to Pay app in the UK in November 2022 (see: Apple launches iPhone Tap to Pay in the UK).
