Knot, the platform that enables card issuers to automatically switch saved payment methods at the request of their users, announced a $10 million Series A raise led by Nava Ventures, with participation from Amex Ventures, Plaid, and 20+ world-leading CEOs and founders.
The funding from the investment round will be used “to scale Knot’s services and accelerate the expansion of its merchant support.”
Rory O’Reilly, CEO of Knot, 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.”
Since launching, Knot has been “a go-to solution for card issuers looking to increase user spend and reduce churn.”
Knot’s API offers card issuers the ability “to instantly update card-on-file information at almost any merchant with just a few lines of code, meaning an easier onboarding experience for consumers, and more revenue and retention for the bank.”
Matt Sueoka, SVP and Global Head of Amex Ventures, 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.”
With this funding, Knot plans “to expand its merchant support even further, aiming to ultimately encompass virtually all online merchants.”
Knot will also use this funding “to 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.”