The investment was led by Bank of America and Edenred Capital Partners. Existing investors Acrew, Force Over Mass, Firestartr, OM2, Love Ventures Kuvi Capital, and Paul Forster (founder of Indeed.com) have participated again. New investors include Sidekick Partners, 9Yards, and Huey Lin (ex-PayPal). This brings the total investment raised to date to over USD 30 million and the participation of new US-based investors supports the company’s plans for US expansion.
Banked was founded in 2018. Users do not need to create an account or pass any login information to Banked – they simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the purchase. Total checkout time for a first-time user is under 30 seconds and no financial details are shared with Banked which boosts security. For merchants, costs are lower, transactions take place in real time and settle instantly. The market for Pay by Bank payments is growing rapidly. Recent research by Allied Market Research predicts the market will reach USD 43 billion by 2026 in Europe alone.
Kickstarted by regulatory changes across Europe with Open Banking, Banked has focused on developing a unique solution for enterprise clients including Acquirors, Gateways, and Payment Providers known as Pay by Bank. The product sits alongside existing payment methods and operates inside existing delivery infrastructure.
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