Knoto
closedAutomated card-on-file switching for merchants and issuers.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
N/A | Early VC | ||
| Total Funding | 000k | ||
Knot provides an API that allows card issuers and merchants to automatically update stored payment details across thousands of websites when a customer's payment card is reissued, lost, or stolen. This service aims to prevent the involuntary churn that occurs when recurring payments fail due to outdated card information.
The company's technology securely switches the default payment method on file at various merchants to the user's new card, ensuring uninterrupted services and recurring revenue for merchants. For financial institutions, it helps their card become the top-of-wallet choice for customers. The platform can be integrated into a client's existing application with a few lines of code.
Keywords: card-on-file, payment details, automatic updates, card switching, payment API, involuntary churn, recurring revenue, top-of-wallet, financial technology, credential management, merchant services, card issuer solutions, customer retention