Knot, the innovative platform that facilitates automatic switching of saved payment methods for card issuers, has successfully raised $10 million in a Series A funding round led by Nava Ventures. The round saw participation from prominent investors, including Amex Ventures, Plaid, and more than 20 world-leading CEOs and founders. The funds raised will be used to scale Knot’s services and accelerate the expansion of its merchant support.
The platform’s ability to seamlessly switch payment methods at the request of users has made it a popular choice among card issuers seeking to enhance user spend and reduce churn. With Knot’s API, card issuers can instantly update card-on-file information at almost any merchant, simplifying the onboarding experience for consumers and leading to increased revenue and retention for the bank.
Rory O’Reilly, CEO of Knot, expressed gratitude for the investors’ trust in the platform’s potential to revolutionize the management of customers’ payment methods by card issuers. He stated that this Series A funding will further the company’s mission of building a financially interconnected future, paving the way for exciting opportunities for Knot’s team and customers.
The funding will enable Knot to expand its merchant support, with the ultimate goal of covering virtually all online merchants. Additionally, Knot plans to introduce new products, including the Knot Subscription Canceller and Account Creator, aimed at helping financial institutions seamlessly integrate into their customers’ digital lives. This commitment to broad support aligns with Knot’s dedication to improving payment processes for businesses and consumers while maintaining a customer-first approach in all its operations.
Matt Sueoka, SVP and Global Head of Amex Ventures, highlighted the potential of Knot’s technology to enhance the customer experience in updating card credentials on file and ensure uninterrupted payments for merchants. Amex Ventures is excited to support Knot in scaling its operations and developing new products and services.
With this significant investment, Knot is poised to lead the transformation in card-on-file management, making payment processes more efficient and convenient for all stakeholders involved.