Banked adds Series A investment to expand Pay by Bank network
Banked, a London-based FinTech company building a global payment network, has raised over $15 million in a Series A extension round led by Insight Partners.
The round was supported by Citi and National Australia Bank Ventures. Newly announced commercial partner and payments firm Rapyd also participated.
The extension came as a result of an oversubscribed Series A earlier this year that was led by Bank of America.
This latest infusion of capital brings Banked’s total investment raised to date to over $50 million and supports the company’s expansion into new geographies with a focus on the US.
“Pay by Bank is taking off globally. Leading banks recognise the significant opportunity it presents to improve the end customer experience and merchant value proposition,” says Brad Goodall, CEO at Banked.
“This is supported by increasing merchant demand driving use cases for Pay by Bank in the enterprise B2B and B2C space. There is a queue forming to be part of the new payment network and to help shape its future with a seat at the table.”
“We have a unique partnership model which relies on global go to-market partners in the shape of banks, PSPs and technology platforms.”
“This means we have had to build real depth and capability in areas such as risk and compliance, security, consumer protection, platform scalability and most importantly feature rich user experiences for our partners and their clients and customers.”
“We have been heads down building products and partnerships for four years and it is exciting to be launching markets globally at pace now.”
“Banked has a huge ambition and we believe they have built the team and product to tackle such an exciting opportunity in payment,” says Byron Lichtenstein of Insight Partners.
“There are many ways to approach the problem, and Banked's unique strategy in partnering with commercial banks and payment service providers, as well as their product capabilities, stood out to us.”
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