Amex Ventures and Plaid have participated in a $10 million Series A funding round in Knot, a platform that enables card issuers to automatically switch saved payment methods at the request of their users.
The proceeds raised by the Series A, which was led by Nava Ventures, will be used to scale Knot’s service offering and accelerate the expansion of its merchant support to encompass “virtually all” online merchants.
Rory O’Reilly, Knot’s chief executive officer, 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.”
Knot’s API gives card issuers the ability to instantly update card-on-file information at almost any merchant with “just a few lines of code”.
“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,” said Matt Sueoka, senior vice president and global head of Amex Ventures.
“We’re excited to support Knot as they scale their current operations and build out new products and services.”
Knot intends to scale two of its products, the ‘Knot Subscription Canceller’ and ‘Account Creator’ with the new capital.
O’Reilly added: “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.”