Online fraud costs businesses $40 billion annually, while false declines result in $443 billion in lost sales yearly. With Burbank technology (CPoI), a merchant-friendly solution, these financial losses can be significantly reduced, offering a promising return on investment.
Justin Pike, founder of Burbank, noted: “Burbank’s Card-Present over Internet (CPoI) is the world’s first PCI-certified technology enabling card-present transactions online. Unlike solutions using stored credentials or wallets, CPoI lets consumers simply tap their card to their mobile device and enter their PIN — just like in stores. This enables a full liability shift, drastically reduces fraud, and eliminates false declines, costing merchants over $443 billion yearly. The SDK integrates directly into apps or via QR codes, enabling seamless deployment for app- and web-based retailers.”
To launch this groundbreaking online payment technology, Burbank secured £5M in seed funding, led by Mouro Capital, with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures, and others. This funding will be primarily used to expand our team, enhance our technology, and accelerate the global rollout of Burbank’s platform. This innovation enables tap-and-PIN payments in online transactions, bringing the same security and trust as in-store payments to e-commerce. The company’s valuation was not disclosed to TFN.
With backing from major industry players, Burbank is positioned for rapid scaling. The funding will accelerate global partnerships with acquirers and payment providers eager to integrate the technology. At a recent live demonstration before payment executives and industry leaders, Burbank completed the world’s first online card-present transaction, a significant milestone in digital payments.
Enabling consumer authentication anywhere, anytime
Burbank, a Welsh fintech company founded in 2021 by Justin Pike, operates from its headquarters in Cardiff, Wales. Pike, who serves as CEO, previously founded MyPinPad, developing the original technology behind PCI standards SPoC and MPoC. He also pioneered cloud-based HSM deployment and has over a decade of experience in payment innovation.
Talking with TFN, Justin Pike explained: “Burbank emerged from market necessity and personal insight. During COVID, my mother-in-law, uncomfortable with online shopping, asked why she couldn’t simply ‘tap her card on her phone’ like in stores. This question, combined with rising online fraud and inadequate authentication systems, inspired me to develop CPoI. This online tap-and-PIN payment method brings card-present security to digital transactions.”
Burbank aims to transform e-commerce by reducing fraud and eliminating false positives in online transactions. Their innovative Card-Present over Internet (CPoI) technology aligns in-store and digital payments, allowing consumers to tap their payment card against their mobile device and enter their PIN, enhancing security and reducing fraud risks.
Pike said, “We’re thrilled to bring this payment evolution to the world. Payment experiences should be consistent across all channels. In-store tap-and-PIN is globally trusted and familiar, and now we’re bringing that same process online. It’s simple, secure, and scalable—exactly as it should be.”
Through this technology, Burbank aims to revolutionise online commerce by mitigating fraud and establishing new standards for secure transactions. The company prioritises delivering a frictionless customer experience while maintaining the highest level of online shopping protection.
Behind Burbank: blending convenience and robust security
While many companies strive to improve online payment security, Burbank is the first to deliver a PCI-certified, fully card-present online experience, making it category-defining. Traditional fraud prevention tools and authentication technologies often function as add-ons to a flawed system. CPoI replaces that system entirely.
Burbank’s advanced platform combines unparalleled convenience with robust security, empowering businesses to innovate in customer experience and unlock new revenue opportunities. By merging ease of use with cutting-edge security, Burbank’s technology helps companies deliver exceptional customer interactions that drive growth and set new market standards.
The company’s flagship solution, Card-Present over Internet (CPoI), enables Card-Present payments in online channels for the first time. This reduces fraud, processing fees, and chargebacks while eliminating false positives, offering a compelling value proposition. The groundbreaking technology integrates directly into mobile applications, delivering a simple yet robust payment experience with bank-grade security and exceptional scalability.
Future outlook: Strategic growth through partnerships
Pike concluded: “Burbank plans to scale globally through white-labelled partnerships with acquirers, PSPs, and payment gateways. Our go-to-market model focuses on enterprise adoption.”
Manuel Silva Martinez, General Partner at Mouro Capital, explained the investment: “I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single while-label SDK, which securely integrates into existing technology stacks and supports multiple schemes on iOS and Android. It’s what the market needs.”
Ruth Foxe Blader, General Partner at Foxe Capital, added, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”
The post Welsh fintech Burbank scoops £5M to launch world-first online payment technology, bringing in-store payment experience to e-commerce appeared first on Tech Funding News.