Banked

Banked operates as a global payments network, architecting a system that enables consumers and businesses to conduct real-time, direct bank payments. The company was founded in London in 2018 by Brad Goodall, Neil Ambler, Patrick Cox, and Ellen Thornhill Fernandes. Goodall, the CEO, and Ambler, the COO, previously worked together at the core banking provider 10x Future Technologies, bringing extensive experience in finance and technology to their venture. Their shared background includes navigating the complexities of financial technology and recognizing the potential for open banking to reshape the payments landscape.

The company's core offering is a "Pay by Bank" solution, which serves as an alternative to traditional card networks. This technology allows consumers to make payments for goods and services directly from their bank account without needing to enter card details or share sensitive financial information. The process is streamlined for security and convenience, typically involving the user selecting their bank at checkout and authenticating the transaction biometrically through their mobile banking app. This method significantly reduces the risk of fraud and eliminates chargebacks for merchants. Banked's business model is centered on a white-label distribution strategy, forming strategic partnerships with banks, payment service providers (PSPs), gateways, and technology platforms to integrate its solution into their existing infrastructures. Revenue is generated by providing this payment infrastructure, which offers merchants lower transaction costs—up to 90% less than card payments—and instant settlement.

Banked has achieved significant milestones, including raising over $50 million in funding across multiple rounds. A key Series A round in February 2022, which raised $20 million, was led by Bank of America, marking a significant strategic partnership. This was followed by a $15 million extension in late 2022, with investors including Insight Partners and Citi, to fuel international expansion. The company has actively expanded its global footprint, launching services in the UK, Europe, the United States, and Australia. Strategic acquisitions have been part of this expansion, including the purchases of VibePay and Australian payment firm Waave, to solidify its market presence and technology offerings.

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