Global pay by bank platform Banked has acquired UK-based FinTech VibePay.
VibePay was founded by Luke Massie and connects people, brands, sellers and banks with real-time messaging and instant payments.
Like Cash App and Venmo in the US, the company has gained a growing Gen Z and Millennial following, through a mix of personalised offers, peer-to-peer payments and financial insights.
Pay by bank is a way to pay and be paid directly from a bank account and is gaining in popularity.
The acquisition was supported by long-time investor Candy Ventures, founded by billionaire Nick Candy, who is the treasurer of Reform UK.
Steven Smith, director of Candy Ventures, and VibePay’s founder and CEO Luke Massie will join the Banked board at completion of the acquisition.
The acquisition is awaiting FCA approval.
The precise terms of the deal are undisclosed but Banked has a valuation of c.$180m while VibePay has previously raised £12m in investment so the valuation of the new enterprise is thought to be in the region of $200m+.
Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback, and exclusive offers with every pay by bank transaction in the VibePay app – delivering tangible value with every spend.
VibePay’s new AI-powered insights and buyer recommendation engine – an industry first in open banking – was another key driver behind the acquisition.
Candy Ventures founder, Nick Candy, said: “I’ve been a strong supporter of VibePay, and I’m excited about the future with Banked.
Nick Candy and Luke Massie
“The global vision of the Banked founders is truly inspiring, and I see immense potential in the combined vision for the next generation of payments.
“This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition.
“I’m proud to be a part of this journey and am eager to champion this story both in the UK and internationally.”
Massie, founder of Lancashire-headquartered VibePay, said: “This is an incredibly exciting new chapter for VibePay and our community. We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences.
“By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”
Last year VibePay raised an additional £5m in funding and hired Conor Tiernan, a former Klarna executive, as its new head of insights.
Brad Goodall, CEO of Banked, said: “Banked’s pioneering global infrastructure has made us a leading pay by bank provider alongside our distribution partners and merchants.
“But the real value in pay by bank goes beyond cheap and secure payments; it’s in making spending work for everyone.
“The combination of Banked and VibePay will drive pay by bank adoption through innovative consumer incentives – on par with credit cards – and empower merchants with deep data insights to drive acquisition and retention like never before.
“I couldn’t be more excited to have Luke and the team joining Banked to create the best pay by bank experience in the world and accelerate market adoption for our banking technology partners, merchants, and consumers.”
Banked previously acquired Australian pay by bank provider, Waave, in October 2024, further strengthening its presence across the UK, EU, US, and Australia.
Most recently, Banked partnered with National Australia Bank to launch pay by bank for Amazon.com.au customers in Australia.
The acquisition also follows on the heels of a partnership with Australia’s largest pharmacy retailer Chemist Warehouse to power pay by bank payments both in-store and online.
Once launched in the UK, Banked and VibePay will begin market expansion of the technology to a global audience of distribution partners, merchants and consumers.