UK-founded FinTech Banked, behind account-to-account payments, has acquired Australian payments technology firm Waave.
Now headquartered in the US, Banked recently entered the Australian market via a partnership with NAB. The latest deal positions Banked at the forefront of Australia’s Pay by Bank market and establishes a strategic partnership with Chemist Warehouse, one of Australia’s largest retailers.
Banked says there is growing demand from merchants for reduced payment fees and a global shift toward real-time payments. Walmart is launching Pay by Bank in the US in 2025 and Visa recently announced its account-to-account payments strategy in Europe and the UK.
“Acquiring Waave is a major step forward in our mission to expand our global payments network,” said Brad Goodall, CEO of Banked.
“Australia is a key market for us, and Waave’s technology and market presence align perfectly with our vision. By acquiring Waave’s Pay by Bank solution and integrating its product’s strengths with our own best-in-class product, we’ll gain access to the great brands already benefiting from their innovative payment technology.
“We’re excited to welcome Waave to the Banked group and continue driving the adoption of real-time payment solutions across Australia and beyond.”
Ben Zyl, CEO and co-founder of Waave, added: “This is a milestone moment for Pay by Bank in Australia. We share Banked’s commitment to bring payments out of the dark ages and create a globally accessible payments network that is good for everybody.
“We are immensely proud of what our team has built and look forward to becoming an expanded team alongside Banked to lead payments innovation in this country.”