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February 15, 2022

Fintech firm Banked secures $20m capital boost to drive US expansion

UK-based fintech firm Banked has raised $20m as part of its Series A funding round led by Bank of America and Edenred Capital Partners.

Existing backers Firestartr, Force Over Mass, Acrew, OM2, Love Ventures Kuvi Capital and Indeed.com founder Paul Forster reinvested in the round.

The participation of new US-based investors, including Sidekick, and 9Yards, is expected to support the company’s US expansion plans.

Banked has raised over $30m in capital to date.

Established in 2018, the London-headquartered firm is considered an alternative payment provider to cards.

The firm offers a payment solution, known as Pay by Bank, for enterprise clients such as acquirers, gateways and payment providers.

The product, which is designed to operate inside the existing delivery infrastructure of a firm, sits alongside existing payment methods.

Furthermore, Pay by Bank allows consumers to pay from their existing mobile banking app with the option to biometrically authenticate the purchase.

Banked CEO Brad Goodall said: “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.

Goodall also added that ‘some big brands will go live with Pay by Bank’ this year.

Bank of America Global Transaction Services head Faiz Ahmad said: “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.”

In October 2021, London-based payment startup Primer secured $50m in a new funding round to scale up its global footprint and accelerate product development.

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