Series A15 February 2022

Banked secures £14.7m Series A funding from Bank of America and Edenred Capital Partners to fuel expansion

The investment round was led by Bank of America and Edenred Capital Partners to support expansion into the United States.

£14.7MSeries A

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 raised £14.7m in a Series A funding round led by Bank of America and Edenred Capital Partners. Existing backers including Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital, and Paul Forster joined the round alongside new participants Sidekick Partners, 9Yards, and Huey Lin. The capital will support the company as it prepares for expansion into the United States market.

The firm has developed a Pay by Bank product designed for enterprise clients, operating within existing infrastructure to offer instant refunds and lower transaction fees. The fresh funds arrive as adoption of open banking continues to grow across Europe.

From the founder

"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

CEO at Banked

Investor perspective

"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