London’s Banked has raised $20 million in a Series A funding round. The fintech provides an account-to-account payment software platform that virtually eliminates fraud as there is no need to create an account, zero financial details are shared, payment authorisations are biometric. The investment from Bank of America is the telltale sign that the startup is now eying a trans-Atlantic expansion. To date, Banked has raised approximately $30 million.
Although the idea of Banked dates back to 2017, the startup was officially unveiled in November of 2018 and since this time steadily been building a fintech infrastructure that operates within tier 1 banks, payment providers, gateways, and tech platforms allowing them to offer a highly secure Pay by Bank option to their merchants.
“We have had a maniacal focus on infrastructure, security, and end-consumer experience.” - Brad Goodall, CEO, Banked
Now if the words “fintech infrastructure” and “payments” are ringing any bells, then yes, you’re correct in thinking that there are already a number of players on the pitch. However, where Banked stands apart is in its anonymity.
Users need not create an account or pass any login information to Banked. At the time of purchase, they choose their existing bank, and are then taken directly to their mobile banking app to biometrically authenticate the transation.
With no personal identity features in play, Banked’s offer virtually eliminates fraud, and the company claims its fees are up to 90 percent lower than traditional payment methods.
On the merchant side of the equation, sellers are paid (almost) instantly and in full, and the startup helps these businesses, including British Airways, drive customer engagement and loyalty with incentives and rewards integrated into the payment experience.
Banked’s $20 million Series A round was led by Bank of America and Edenred Capital Partners, with new investors Sidekick Partners, 9Yards, and Huey Lin, as well as existing investors Acrew, Force Over Mass, Firestartr, OM2, Love Ventures Kuvi Capital and Paul Forster all participating.