Banked raises £12.5m in a Series A extension round led by Insight Partners
The London-based fintech company secured the funding from Insight Partners to support its expansion into new geographies.
Banked develops a next-generation global payment network that allows users to pay merchants directly through their mobile banking apps. The platform aims to provide a secure alternative to traditional card payments with instant settlement.
Banked has secured £12.5m in a Series A extension round to support its ongoing international expansion. The financing was led by global software investor Insight Partners, with participation from Citi, National Australia Bank Ventures, and Rapyd.
The latest capital injection follows an oversubscribed Series A earlier in the year led by Bank of America. Banked has now raised over $50m in total funding as it targets new markets, with a particular focus on establishing operations in the United States.
From the founder
"Insight Partners is an amazing global firm withsuch strength in the payments and fintech space. To increase our share price in thiscurrent market with overwhelming demand from investors, I couldn’t be happier tohave Insight onboard to build what is a multibillion-dollar opportunity. I am alsoexcited that Citi, NAB and Rapyd are joining as it shows that Banked has realstrength in working with the biggest and best banks and payment firms in theworld."
Brad Goodall
CEO at Banked
Investor perspective
"Banked has a huge ambition and we believe they have built the team and productto tackle such an exciting opportunity in payments. There are many ways toapproach the problem, and Banked’s unique strategy in partnering with commercialbanks and payment service providers, as well as their product capabilities, stood outto us."
Byron Lichtenstein
Insight Partners
Use of funds
- 01Expand into international markets
