The round was led by Nava Ventures, with participation from Amex Ventures and Plaid
Knot, a card-on-file management fintech, has raised $10m in a series A round to scale its services and expand its merchant support.
The fintech’s software allows card issuers to update saved payment methods for their users.
This results in an easier onboarding experience for consumers, and more revenue and retention for the bank, Knot said in a press release.
New York-headquartered Knot will also use the funding to scale additional products, such as the Knot Subscription Canceller and Account Creator.
The funding round was led by Nava Ventures, with participation from Amex Ventures and Plaid.
Since launching in 2022, the fintech has targeted card issuers looking to “increase user spend and reduce churn”.
Rory O’Reilly, chief executive officer of Knot, said this funding signifies the immense trust its investors have in Knot’s potential to “revolutionise the way card issuers manage their customers’ payment methods”.
He added: “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, senior vice president 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.”