Knot provides a merchant connectivity platform that enables card-on-file switching, allowing users to update their payment information across multiple merchants instantly. This technology addresses the challenge of maintaining uninterrupted service and secure transactions for customers after changes in their banking details.
Funding
$19.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
When a cardholder's payment information changes, updating it across multiple online merchants is a cumbersome and time-consuming process. This can lead to declined transactions, service interruptions, and customer frustration.
Solution
Knot provides a merchant connectivity platform that enables financial institutions and fintechs to offer card-on-file switching services to their customers. Using Knot's CardSwitcher and MassSwitcher products, cardholders can update their payment information across a wide network of merchants with a single login, ensuring uninterrupted service and preventing declined transactions. Knot integrates directly into existing banking or fintech applications via an SDK, allowing users to seamlessly manage their payment information and maintain their preferred card as the default payment method across various platforms. The platform prioritizes security and compliance, utilizing a partner token and adhering to PCI standards to protect sensitive cardholder data.
Target Audience
Knot targets banks, fintech companies, and BaaS providers looking to enhance their core offerings and improve customer retention by providing seamless card-on-file switching capabilities.
Features
- CardSwitcher: Allows users to update their card-on-file information at individual merchants with a single login.
- MassSwitcher: Enables instant card updates across all merchants with a single login.
- Easy integration: Simple SDK integration into existing banking and fintech apps.
- Broad merchant coverage: Connects to a vast global network of merchants, covering a significant portion of the online retail and subscription service landscape.
- Automated updates: Card information is updated automatically, ensuring uninterrupted service.
- User-centric control: Provides users with the ability to manage where their cards are stored and how their payment information is shared.
- PCI compliant: Adheres to PCI standards to ensure secure handling of cardholder data.