• Knot has raised $10 million for its tool that updates consumers’ card-on-file at the company’s network of merchants.
• The round was led by Nava Ventures and brings Knot’s total funding to $13 million.
• Knot also offers a subscription cancelling solution and is currently working on a password updating tool.

With a mission to build an interconnected future online, Knot API has a long road ahead. Nevertheless, the New York-based company received a boost to help it make strides toward that goal with a new $10 million funding round today.

The Series A investment was led by Nava Ventures, with participation from Amex Ventures, Plaid, and more than 20 CEOs and founders. When added to the $3 million Seed round Knot received in 2021, today’s round brings the company’s total funding to $13 million.

Knot was founded in 2019 with an API to enable card issuers to update card-on-file information at Knot’s network of merchants– including Walmart, Netflix, Amazon, Starbucks, and Uber– with just a few lines of code. The company’s technology makes for an easier onboarding experience for consumers while helping the bank retain its customers.

Knot will use the $10 million to scale its services and expand its merchant support. The company’s goal is to “ultimately encompass virtually all online merchants.”

In addition to its card-on-file switching solution, Knot also offers a subscription cancelling tool that helps customers view and cancel their recurring subscriptions. The company is also working on an account creation tool that allows organizations to initiate accounts at third parties on their customers’ behalf, and a password updater that instantly updates customers’ passwords across the web.

“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,” said Knot CEO Rory O’Reilly. “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.”

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• Source: https://finovate.com/knot-raises-10-million-to-increase-account-interoperability/