A London-founded payments fintech backed by US investment giant Bank of America has been acquired by Australia’s top business lender, the lender has announced.
Banked, founded in London in 2018, has built technology which allows users to pay online from their bank accounts, as opposed to using a credit or debit card. The payment method is known as account-to-account payments. The fintech has been acquired by National Australia Bank (NAB) for an undisclosed sum, with Banked boss Brad Goodall saying the deal will allow its tech to reach more people.
Banked, which is backed by Bank of America, Insight Partners and Citi, has raised over $50m in funding rounds. NAB is an existing customer of Banked, which has offices in London, Palo Alto and Vilnius, and has also invested in Banked via its venture arm.
Sources told Tech.eu that Banked would now be exiting the UK and US market and focus on Australia.
NAB executive Shane Conway said: “Pay by Bank is part of a broader shift in Australia’s payments landscape toward real‑time, account‑to‑account options that sit alongside cards and digital wallets. Customers expect making payments to be fast, easy and reliable, and Banked helps us deliver that.”
