Knot raises $10 million to help card issuers update payment methods

Knot, a fintech startup that provides a platform for card issuers to automatically switch saved payment methods at the request of their users, has raised $10 million in a Series A funding round led by Nava Ventures, a venture capital firm focused on fintech and enterprise software.

The funding round also saw the participation of Amex Ventures, the strategic investment arm of American Express, Plaid, a data network that connects consumers, financial institutions and fintechs, and more than 20 CEOs and founders of leading companies.

Knot plans to use the new capital to scale its services and accelerate the expansion of its merchant support, which aims to cover virtually all online merchants. Knot’s API enables card issuers 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.

Knot also intends to use the funding to scale additional products such as the Knot Subscription Canceller and Account Creator, which help financial institutions seamlessly integrate into their customers’ digital lives.

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.”

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.”

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