Brad Goodall, CEO and Founder at Banked, notes that it’s a big day for the company – with the announcement of their Series A and their partnership with Bank of America.
Goodall also mentioned that the entire team at Banked have worked really hard to build a solid foundation for what is “a huge shot at delivering on the exciting global Account to account payments space.” He added that this is “the start of a massive 2022 for [their] team, investors, partners and importantly [their] clients.”
As mentioned in the update, Banked is a Fintech providing alternatives to typical card schemes. Clients can make payments without inputting financial details, and there is no need to open account. Authorization is biometric and the merchant gets the money in real time. Companies use it to support client engagement and loyalty with special incentives and rewards that are embedded as part of the payment process.
Banked further noted that their fees are considerably lower when compared to more typical payment options. In 2020, the company had acquired £2.35 million as part of its seed round.
The firm’s recent $20 million Series A was reportedly led by Bank of America and Edenred Capital Partners. These US-based investors are expected to be a key part of Banked’s US expansion efforts.
Existing investors Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital and Paul Forster (Indeed.com founder) made contributions to the latest round as well. New investors were Sidekick, 9Yards and Huey Lin (previously at PayPal).
Banked has now acquired over $30 million in capital.
As covered, Blue Motor Finance and digital payment provider Banked had teamed up in October 2021 to simplify the payment process for the former’s customers, the companies announced this week. Banked customers can now pay directly using their online banking app.
As reported in September 2021, Gr4vy, a cloud-powered payments platform, revealed that it had formed two new partnerships focused on providing consumers flexible ways to pay with a bank account while empowering merchants in the process.
