The UK-based fintech startup Banked that launched earlier this month has raised £1.5 million in a seed funding round led by Backed VC. The company has yet to release its first product to the public but plans to launch it in early 2019.

Although the idea of Banked dates back to 2017, the startup was officially unveiled in November 2018. It states to have a mission “to be the trusted channel between banks, businesses, and individuals” and focuses on working with the financial data.

“We believe banks should leave customer experience to those nimble enough to meet changing consumer demands, and instead embrace developing an ecosystem that allows banks to play to their strengths as dependable custodians of people’s money,” said Brad Goodall, CEO and founder of Banked. “The now-global open banking movement makes it possible for Banked to work with banks, product developers and consumers to use data securely, enriching user experience whilst maintaining privacy and control for the customer.”

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