Banked Ltd Announces $20 million Series A Funding Round Led by Bank of America
Banked Ltd (“Banked”), provider of a new payment method enabling consumers to pay from their existing mobile banking app, today announced the completion of a $20 million Series A funding round. The investment was led by Bank of America and Edenred Capital Partners. Existing investors Acrew, Force Over Mass, Firestartr, OM2, Love Ventures Kuvi Capital and Paul Forster (founder of Indeed.com) have participated again. New investors include Sidekick, 9Yards and Huey Lin (ex-PayPal). This brings the total investment raised to date to over $30 million and the participation of new U.S. based investors supports the company’s plans for U.S. expansion.
Founded in 2018, Banked is aiming to become the leading provider of alternative card payment methods. Unlike other mainstream global payment methods, users do not need to create an account or pass any login information to Banked – they simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the purchase. Total checkout time for a first-time user is under 30 seconds and no financial details are shared with Banked which boosts security. For merchants, costs are significantly lower, transactions take place in real time and settle instantly. The market for Pay by Bank payments is growing rapidly. Recent research by Allied Market Research predicts the market will reach $43 billion by 2026 in Europe alone.
Kickstarted by regulatory changes across Europe with Open Banking, Banked has focused on developing a unique solution for enterprise clients including Acquirors, Gateways and Payment Providers known as Pay by Bank. The product sits alongside existing payment methods and operates inside existing delivery infrastructure. Banked has established consumer appeal by building a brand, a best-in-class user experience and instant refunds. It has also added incentives including a reward programme with British Airways.
“Banked has built a product that can operate inside tier 1 banks, payment providers, gateways and technology platforms to allow them to offer Pay by Bank to their merchants. We have had a maniacal focus on infrastructure, security, and end consumer experience. Our clients only need to focus on integration. We really want to work inside the existing ecosystem and are building out very strong partnerships to deliver Pay by Bank globally. 2022 will see some really big brands go live with Pay by Bank, driving at the heart of delivering innovation at point of purchase to both the merchant and consumer”
- BRAD GOODALL BANKED CEO
“We are pleased to be a lead investor for Banked and they have already demonstrated a proven ability to develop unique e-Commerce solutions with Pay by Bank. We look forward to seeing the benefits that this investment round will bring to Banked’s fast growing client base.”
- FAIZ AHMAD, HEAD OF GLOBAL TRANSACTION SERVICES, BANK OF AMERICA
Banked is the architect of a new global payment network offering a real alternative to the card schemes. Consumers now have a way to pay without entering financial data and connecting directly with their mobile banking app. There is no need to create an account, no financial details are shared, authorisation is biometric, and the merchant receives the funds in real time and in full. Fees are up to 90% lower than the traditional payment methods and fraud is virtually eliminated which should help promote lower prices for consumers. Banked also enables businesses to drive customer engagement and loyalty with incentives and rewards integrated into the payment experience.
The company currently has an international team of over sixty employees across nine geographies, recruiting talent from payment innovators such as PayPal, PayU, Klarna, Adyen, N26 and Checkout, bringing rich payments experience to the business.
For more information, visit www.banked.com
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Lisa Scott, Banked Chief Marketing Officer
Megan Pearson, Bank of America
Phone: +44 (0)20 7995 6977