Payments disrupter Banked has extended its Series A round by £13 million to £28m.
The extension was led by Insight Partners and supported by Citi and National Australia Bank Ventures, while commercial partner and payments firm Rapyd also participated.
Earlier this year Banked raised £15m 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.
Other investors include Acrew, Force Over Mass, Firestartr, OM2, Love Ventures Kuvi Capital and Paul Forster – founder of Indeed.com – Sidekick, 9Yards and Huey Lin, formerly of PayPal.
The company has now raised more than $50m and is accelerating expansion plans in the US.
“Pay-by-bank is taking off globally,” said Brad Goodall, CEO. “Leading banks recognise the significant opportunity it presents to improve the end-customer experience and merchant value proposition.
“There is a queue forming to be part of the new payment network and to help shape its future with a seat at the table.
“Banked has a unique partnership model which relies on global go-to-market partners in the shape of banks, PSPs and technology platforms.”