Banked raises £2.4m in seed funding led by Force Over Mass
The seed round was led by Force Over Mass with backing from Backed and Acrew Capital.
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 £2.4m in seed funding to support its European expansion and build commercial partnerships. The round was led by Force Over Mass, with participation from Backed, Acrew Capital and high net worth backers including Paul Forster. The latest injection brings the company's total funding to £5.4m.
Launched out of beta alongside the announcement, the payments start-up offers account-to-account software that processes transactions in real-time at a fraction of standard market costs. The technology aims to reduce fraud and eliminate the settlement delays associated with legacy credit card infrastructure.
From the founder
"The current payments systems used by credit card companies and most traditional banks were designed 40 years ago and have become archaic, not to mention costly and inefficient for businesses to use. It’s time we welcomed the future of payments and given the current state of the economy, businesses need this now more than ever."
Brad Goodall
CEO at Banked
Investor perspective
"The team at Banked have identified product-market fit across a number of verticals including e-commerce, B2B payments and big money industries such as gaming, trading and retail. We have been watching open banking payments closely, waiting for the right time, team, product and vision to invest in, and we see all of these within Banked and their approach."
Filip Coen
Partner, Force Over Mass
Use of funds
- 01Expand into international markets
