3 years ago

Banked Raises $15 Million to Expand Pay-by-Bank Model Globally

  • Banked, a UK-based fintech company specializing in pay-by-bank solutions, has secured a $15 million Series A extension, bringing their total funding to over $50 million

  • The round was led by Insight Partners, with participation from Citi, National Australia Bank Ventures, and Banked's new partner, Rapyd

  • The funding will be used to expand Banked's team and further its US expansion, following a partnership with Bank of America.

      • ProblemFinancial Services

      "The current payments system is expensive and inconvenient, with retailers and banks paying high fees for services like Visa and Mastercard. This makes it difficult for businesses to offer competitive prices and for customers to get the best deals."

      Solution

      "Banked offers a pay-by-bank solution that allows customers to make payments directly from their bank account without needing to create an account or enter any login information. This is done by connecting securely to the customer's mobile banking app using biometric authentication. This makes payments faster, more secure, and more affordable for everyone involved."

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