Banked secures EUR 2.69 mln in seed funding

Wednesday 6 May 2020 14:16 CET | News

Banked, a UK-based fintech using open banking to enable account-to-account payments at checkout, has raised EUR 2.69 million in further seed funding.

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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Keywords: banked, Open Banking, payments, UK, Force Over Mass, Acrew Capital, startup, software, banks, cards, PSD2, fintech, ecommerce, transactions
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech