Banked : adds additional $15M series A investment to expand Pay by Bank : network.
Lisa Scott
Chief Marketing Officer
Yesterday we announced a further $15M secured to our series A funding round extension, as a result of an oversubscribed Series A earlier this year led by Bank of America.
This latest infusion of capital brings Banked’s total investment raised to date to over $50 million and includes the participation of new global investors supporting the company’s expansion into new geographies with a focus on the U.S. and Australia.
The series A extension has been led by global software investor Insight Partners and has been supported by Citi and National Australia Bank Ventures, recognizing Banked’s traction and distinct approach to building a Pay by Bank global network. Newly announced commercial partner and global payments firm Rapyd also participated in this round.
Series A Extension Partners.
Pay by Bank is taking off globally. Leading banks recognise the significant opportunity it presents to improve the end-customer experience and merchant value proposition. There is a queue forming to be part of the new payment network and to help shape its future with a seat at the table. Banked has a unique partnership model which relies on global go-to-market partners in the shape of banks, PSPs and technology platforms. This means we have had to build real depth and capability in areas such as risk and compliance, security, consumer protection, platform scalability and most importantly feature-rich user experiences for our partners and their clients and customers. Banked has been heads down building products and partnerships for four years and it is exciting to be launching markets globally at pace now.
Of the new investors, Goodall says.
Insight Partners is an amazing global firm with such strength in the payments and fintech space. To increase our share price in this current market with overwhelming demand from investors, I couldn’t be happier to have Insight onboard to build what is a multibillion-dollar opportunity. I am also excited that Citi, NAB and Rapyd are joining as it shows that Banked has real strength in working with the biggest and best banks and payment firms in the world.
— Brad Goodall, Banked : CEO
Banked has a huge ambition and we believe they have built the team and product to tackle such an exciting opportunity in payments. There are many ways to approach the problem, and Banked’s unique strategy in partnering with commercial banks and payment service providers, as well as their product capabilities, stood out to us.
— Byron Lichtenstein, Insight Partners.
We at Banked, now have close to 100 staff and are growing. Come join us as we grow and build the Pay by Bank : global payment network.