Payments disrupter Banked has raised £15 million in Series A funding led by the Bank of America and Edenred Capital Partners.
The London firm’s mission is to create a global two-sided payments network for the benefit of businesses and consumers which allows payment from an existing mobile banking app.
Founded in 2018, Banked’s users do not need to create an account or pass along any login information – they simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the purchase.
It claims that total checkout time for a first-time user is under 30 seconds and no financial details are shared with Banked. For merchants, costs are significantly lower, transactions take place in real time and settle instantly.
Existing investors Acrew, Force Over Mass, Firestartr, OM2, Love Ventures Kuvi Capital and Paul Forster – founder of Indeed.com – have participated in the round, while other new investors include Sidekick, 9Yards and Huey Lin, formerly of PayPal.
Bringing the total investment raised to date to over $30m, the participation of new US-based investors supports the company’s plans for expansion Stateside.
“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,” said CEO Brad Goodall.
“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.”
The company currently has an international team of over 60 employees across nine geographies, recruiting talent from payment innovators such as PayPal, PayU, Klarna, Adyen, N26 and Checkout.
Faiz Ahmad, head of global transaction services at the Bank of America, added: “We are pleased to be a lead investor for Banked and they have already demonstrated a proven ability to develop unique eCommerce 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.”