Welsh startup Burbank has raised £5 million to bring offline tap and pin payments to the e-commerce realm.
The seed round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), and Portfolio Ventures.
Burbank's Card Present over Internet (CPoI) technology lets online shoppers tap their card to their mobile device and enter their PIN to complete a transaction.
The firm argues that the traditional card-not-present method used for online payments leads to high levels of fraud, chargebacks, and false positives.
In contrast, it claims that its system removes friction by removing the need to store payments details online, while improving security.
Justin Pike, CEO, Burbank, says: “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.”