Banked has raised $30.0M in total across 2 funding rounds.
Banked's investors include Peak, Force Over Mass Capital.
Banked is a fintech software company that builds a global payments network using modern bank rails to enable real-time, account-to-account payments for consumers, businesses, and banks.[1][2][3][4] It serves merchants, payment service providers (PSPs), and banks by offering a fast, secure checkout alternative to cards—eliminating card details entry, reducing costs, minimizing fraud, and improving cash flow through instant settlements—while solving problems like high card fees, slow processing, and data security risks.[2][3][4][5] Backed by major investors like CitiBank and Bank of America, Banked raised $15 million in its first funding round and completed a Series A extension, with launches in the UK, US, Australia, and Lithuania driving growth momentum.[1][2][5]
Banked was founded in 2016 in London, UK, by Brad Goodall (Co-Founder and CEO), Neil Ambler (Co-Founder and COO/President), Ellie Fernandes (Co-Founder), and Patrick Cox (Co-Founder), who brought expertise in fintech, payments, and software development.[5][6] The idea emerged from recognizing outdated card-based payment processes and the rise of real-time account-to-account payments via open banking, aiming to create a seamless, low-cost alternative that connects users directly to their bank accounts without sharing financial data.[2][5] Early traction came from strategic partnerships with regulated banks and PSPs, securing investments from global players like CitiBank and Bank of America for a $15 million initial raise, followed by US and Australia launches and a Series A extension to expand its worldwide network.[1][2]
Banked rides the real-time payments and open banking trend, capitalizing on shifts from card dominance to direct bank transfers amid rising digital commerce and regulatory pushes like PSD2 in Europe.[2][7] Timing aligns with global adoption of faster payments rails (e.g., in UK, US via RTP/FedNow, Australia), where overlooked markets like the US and Australia offer expansion amid high card fees and fraud pressures.[2] Market forces favoring Banked include cost-conscious merchants seeking 50-70% lower fees, consumers demanding secure one-tap checkouts, and banks/PSPs needing efficient rails; it influences the ecosystem by pioneering a unified global network, enabling incentives in payments, and reducing reliance on legacy cards through API-driven interoperability.[1][2][4]
Banked is positioned to scale as a go-to alternative payments layer, with next steps likely focusing on deeper US/Australia penetration, more bank/PSP alliances, and incentives platform enhancements to boost merchant conversion.[2][4] Trends like embedded finance, AI-driven fraud prevention, and RTP network maturity will propel growth, potentially leading to further funding or pre-IPO traction given its $15M+ raises and investor pedigree.[1] Its influence could evolve from niche innovator to mainstream infrastructure, reshaping payments by making bank rails as ubiquitous as cards—ultimately delivering the secure, instant global network it set out to build from day one.[2][7]
Banked has raised $30.0M across 2 funding rounds. Most recently, it raised $27.0M Series A in February 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Feb 1, 2022 | $27.0M Series A | Peak | |
| May 1, 2020 | $3.0M Seed | Force Over Mass Capital, Peak |
