Welsh startup Burbank has successfully raised £5 million to introduce offline tap and pin payments to the e-commerce space.
The seed funding round was led by Mouro Capital, with contributions from Anthemis (backed by Foxe Capital) and Portfolio Ventures.
Burbank’s Card Present over Internet (CPoI) technology allows online shoppers to tap their card on their mobile device and enter their PIN to complete transactions. The company highlights that the traditional card-not-present method used for online payments often results in elevated levels of fraud, chargebacks, and false positives.
In contrast, Burbank claims its system enhances security by eliminating the need to store payment details online, thereby reducing friction during the payment process.
Justin Pike, CEO of Burbank, stated: “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.”