The round was led by Force Over Mass, with participation from previous investors Backed and Acrew Capital. It brings the total raised by the startup to EUR 6.12 million, including some investment from Banked’s founders.
Banked has built account-to-account payment software that lets consumers, businesses, and banks process payments cheaper than older payment methods, such as card payments. By using open banking/PSD2 to initiate payments taken directly from a payee’s bank account, the fintech can charge just 0.1% to process payments and money is transferred in real-time.
According to TechCruch, Banked works for companies where cash flow and high processing payment fees can be made. The fintech is also working with ecommerce providers who are looking to use Banked for high-value transactions and embedding loyalty into the payment flow.
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