Banked
Banked is a UK-founded fintech that operates a global account-to-account Pay by Bank payments platform, serving merchants, banks and payment gateways with real-time, biometric-authenticated direct bank payments across the UK, Europe, the US and Australia.
- Company typePrivate
- Founded2018
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What Banked does
Banked is a London-headquartered fintech founded in 2018 that operates a global account-to-account (A2A) payments platform under its Pay by Bank brand. The platform enables merchants, banks and payment gateways to accept real-time, biometric-authenticated direct bank payments across the UK, Europe, the United States and Australia, with operational offices in London (HQ), Palo Alto, Melbourne and Vilnius. Banked holds FCA authorisation as a Payment Initiation Service Provider (PISP) under Firm Reference Number 816944 and is PSD2/Open Banking compliant; its Pay by Bank network reaches approximately 90% of banks across the UK and Europe with 200+ bank integrations.
Banked's technology is built as a cloud-native microservices platform on Google Cloud Platform, orchestrated via Kubernetes (GKE) and an Istio service mesh across multiple regions, with an event-sourced payments engine, field-level encryption, machine-learning risk scoring and a single API exposing the full product suite (Checkout, Payment Links, Payouts, Refund, Reporting, Incentivize, Onboard, Security, Protect). Pay by Bank transactions settle in seconds, eliminate chargebacks and rely on bank-grade biometric authentication under PSD2/Open Banking compliance. The platform supports regional real-time rails including UK Faster Payments, SEPA Instant, Australia's PayTo and US FedNow and RTP.
Banked generates revenue through transaction fees on Pay by Bank processing and through managed services revenue from banks, gateways and platforms that embed its infrastructure. Pricing is quote-based and not publicly disclosed but is positioned as lower than card processing with no setup fees and no chargebacks. Distribution combines direct enterprise sales, self-serve developer onboarding via console.banked.com, channel partnerships with payment gateways (Gr4vy, Primer, Apexx, Thought Machine, GoCardless) and embedded integrations with tier-1 banks and platforms. Banked has raised approximately US$35M+ in disclosed Series A funding (a $20M round led by Bank of America in February 2022 and a $15M+ extension led by Insight Partners in November 2022), acquired Sydney-based Waave in October 2024 and UK consumer payments app VibePay in April 2025, and was itself acquired by National Australia Bank in May 2026, now operating as a wholly owned subsidiary.
Banked firmographics
Firmographics- Name
- Banked
- Legal name
- Banked Ltd
- Website
- https://banked.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Acquired
- Headcount range
- 51–100 employees
- Short description
- Banked is a UK-founded fintech that operates a global account-to-account Pay by Bank payments platform, serving merchants, banks and payment gateways with real-time, biometric-authenticated direct bank payments across the UK, Europe, the US and Australia.
- Ownership category
- akta.pro rank
Banked industry classification
Industry- Product category
- Real-time Account-to-Account Payments
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- akta.pro primary industry
- A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)
- akta.pro secondary industry
- A2A Payouts & Disbursements (FSAMAFAG)
Keywords
Where Banked is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices4 records
Markets served
Banked business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations
Revenue model
- Pay by Bank Transaction Fees: Charges merchants per A2A transaction processed via Pay by Bank. Fees are lower than card processing, with no setup fees and no chargebacks. Specific pricing is quote-based / not publicly disclosed.
- Platform / API Access for Banks and Partners: Revenue from banks, payment gateways and platforms (e.g., Visa, FIS, NAB, Gr4vy, Primer, Thought Machine) using Banked's Pay by Bank infrastructure and APIs to deliver A2A payments to their own customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Quote-based Pay by Bank pricing (not publicly disclosed) |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels10 records
Banked product offering
Product offeringCore offering
Banked operates a global account-to-account (A2A) payments network branded Pay by Bank, enabling consumers to pay merchants directly from their bank account in real time via biometric bank authentication, without sharing card data. The platform is delivered as a single API exposing a modular product suite (Checkout, Payment Links, Payouts, Refund, Reporting, Incentivize, Onboard, Security, Protect) and is licensed to merchants, banks and payment platforms across the UK, Europe, the US and Australia.
Product overview
Banked offers a single platform built around its flagship Pay by Bank product, delivered through a modular suite of products that can be used individually or combined. The core Pay by Bank capability — real-time, biometric-authenticated account-to-account payments — is exposed via the Checkout module, while supporting modules extend the platform across the full payment lifecycle: Payment Links and QR codes for omnichannel initiation, Payouts for disbursements, Refund for instant returns, Reporting for analytics, Incentivize for loyalty-driven conversion, Onboard for integration tooling, and Security and Protect for encryption and ML-driven fraud defence. This platform-plus-modules architecture is delivered to merchants, banks and partners via a single API, with Banked.js providing a JavaScript web-component library for fast web integration, and is regulated by the FCA as a PISP.
Differentiator
Problem solved
Functional benefit
Brands
- Pay by Bank: Banked's flagship consumer-facing payment product enabling direct bank-to-bank account-to-account payments via bank biometric authentication, including at checkout, via QR codes, and in chat or SMS.
Products and services
- Pay by Bank Banked's flagship account-to-account payment product that lets consumers pay merchants directly from their bank account in real time using biometric bank authentication, with no card data shared; live in the US, UK, Europe and Australia.
- Checkout Hosted or embedded checkout module delivering fast, simple and secure Pay by Bank payments at the tap of a button, with biometric bank authentication, instant settlement and reduced processing costs versus cards.
- Payment Links Module for sharing secure payment links and QR codes with customers to enable omnichannel payments, improve payment recovery and reduce reconciliation errors via pre-filled details.
- Refund Instant refund module that returns funds on the fastest available rails, delivering instant gratification to customers and improving their cashflow.
- Payouts Module for simple, instant, low-cost, manual-free payouts via a single API, with payee validation to reduce compliance risk for cross-border and grouped payouts.
- Reporting Data and insights module exposing essential transaction and success-rate data through an API or user-friendly console to support business growth and cashflow optimisation.
- Incentivize Module that invests in customer loyalty and community by enabling merchants to reward customers, reduce cart abandonment and create personalised shopping experiences at checkout.
- Onboard Onboarding and integration module providing dedicated tools, developer-crafted documentation and expert guidance for banks, developers and merchants integrating Pay by Bank.
- Security Security module providing field-level encryption, advanced cloud security, threat detection and response, risk scoring and protection of bank information via unique tokens and data encryption.
- Protect Fraud-protection module offering intelligent services with machine learning, risk scoring and field-level encryption, partnered with Tier 1 banks to track emerging fraud trends.
- Banked.js Open-source JavaScript web-component library for integrating account-to-account payments into any web application; shipped by Banked in 2020.
Quantifiable outcome
- 96% lower fraud rates
- +4 more outcomes
Companies that use Banked
Customer profileNamed customers11 records
Segments8 records
Ideal customer profiles4 records
Banked technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration21 records
AI capability1 record
Feature8 records
Banked partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered flagship, core and minor.
- National Australia Bank (NAB)flagshipNAB Ventures made minority investments across three funding rounds between 2022 and 2024; Banked's Pay by Bank was deployed to NAB business customers from 2024; in January 2025 Banked and NAB launched PayTo® enabled Pay by Bank for Amazon.com.au; in May 2026 NAB acquired Banked outright, with Banked operating as a wholly owned subsidiary of NAB.
- ShopBackflagshipBanked's Pay by Bank became the preferred debit option on ShopBack Pay, helping users avoid payment fees at 2,500 participating merchants across Australia; integrated with Chemist Warehouse for Australia's first in-store Pay by Bank with Rewards program.
- VibePaycoreBanked acquired UK consumer payments app VibePay (backed by Nick Candy / Candy Ventures) in April 2025 (awaiting FCA approval) to accelerate global Pay by Bank adoption through incentives for consumers and merchants. VibePay founder Luke Massie and board member Steven Smith joined the Banked board.
- AmazonflagshipBanked partnered with NAB to launch PayTo® enabled Pay by Bank for Amazon.com.au customers in Australia, offering a cardless payment option for Amazon shoppers.
- WaavecoreBanked acquired Sydney-based open banking payments provider Waave in October 2024 to gain foothold in Australia's real-time payments market; Waave had developed a best-in-class Pay by Bank solution with Chemist Warehouse.
- VisaflagshipBanked was selected to support Visa's A2A launch (an open system to boost consumer protection with smarter bank transfer payments), enabling easier, safer Pay by Bank from early 2025.
- PlenticoreNAB and Plenti switched on a PayTo solution powered by Banked for personal loan customers, enabling fast, secure loan repayments directly from a user's bank account.
- FIScoreFIS entered a strategic partnership with Banked to widen access to open banking and drive new Pay by Bank offerings for businesses and consumers.
- TillocoreTillo (rewards and loyalty platform) integrated with Banked's direct bank payment solution to drive consumer adoption and increase merchants' checkout conversion.
- Comic ReliefminorBanked is a Technology Partner for Comic Relief, enabling fee-free Pay by Bank donations for Red Nose Day and Luminary Bakery.
- GoCardlesscoreBanked partnered with Gr4vy and GoCardless to deliver merchants' customers new ways to pay via open banking and direct debit.
- Gr4vycorePartner payment orchestration platform that lets merchants embed Pay by Bank via existing payment integrations; first announced in September 2021.
- PrimercorePartner payment platform integrating Pay by Bank into merchant checkout stacks.
- ApexxcorePartner payment gateway/platform integrating Pay by Bank for merchant checkout.
- Thought MachinecorePartner core banking technology platform integrating Pay by Bank into bank infrastructure.
- AvioscoreAvios rewards points offered at selected merchants when paying with Pay by Bank.
- Google Cloud Platform (GCP)coreBanked's infrastructure is cloud-native, built on Google Cloud Platform, with managed services including Cloud SQL, Cloud Spanner, Pub/Sub, Secret Manager, Cloud KMS, and GKE Kubernetes.
- Rapyd (Cashdash UK Limited)coreRapyd enables Banked Ltd to process refunds for payments initiated by the user; processes name, account number, sort code, IBAN.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Banked competitors and assessment
Company assessmentDirect peers
- TrueLayer: TrueLayer is a London-based open banking payments platform offering account-to-account payments, PISP services, and Pay by Bank-style checkout. It is the closest direct competitor to Banked in the UK and Europe, with overlapping bank connectivity, PISP regulation, and merchant customers.
- GoCardless: GoCardless is a UK direct-debit and account-to-account payments network for businesses, already a named Banked partner (Sept 2021). It competes head-to-head with Banked's Pay by Bank and Payouts modules in the UK and Europe, particularly for recurring and SMB payments.
- Token.io: Token.io provides open banking payment initiation and account-to-account payment services across Europe, with PISP coverage and bank connectivity comparable to Banked. It is a direct A2A competitor focused on enterprise bank and merchant integrations.
- Yapily: Yapily is a London-based open banking infrastructure provider exposing bank connectivity and A2A payment initiation APIs to merchants and platforms. It competes with Banked on bank coverage, PISP licensing, and developer-first integrations across UK and Europe.
- Trustly: Trustly is a European A2A payments network focused on online banking payments, particularly strong in the Nordics, Germany, and the UK. It competes with Banked for bank-direct checkout volume among merchants and platforms across Europe.
Broad incumbents
- Plaid: Plaid is a large US-based open banking/data connectivity platform expanding into payments. While broader than Banked (data connectivity, account verification, balance checks), Plaid's Plaid Payment Initiation product directly competes with Banked's A2A rails, particularly in the US.
- Tink (Visa-owned): Tink is a Europe-based open banking platform acquired by Visa, providing PISP-style account-to-account payment initiation. It is a broad incumbent competitor to Banked in Europe, with the added weight of Visa's distribution and rails.
- Stripe: Stripe is a global payments incumbent whose expanding product suite (including Stripe Financial Connections and direct bank payment options) overlaps with Banked's Pay by Bank and Checkout modules. It is a broad incumbent rather than a direct A2A specialist.
- Adyen: Adyen is a global payments platform serving enterprise merchants with unified online, in-store, and platform payments. While card-centric, it competes with Banked for enterprise checkout volume and is gradually adding A2A capability in Europe.
Emerging players
- Modulr: Modulr is a UK Payments-as-a-Service provider enabling businesses to integrate account-to-account payments, payouts, and Open Banking. It overlaps with Banked's Payouts and Open Banking infrastructure offerings, particularly in the UK and Europe.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Banked social profiles
Digital presenceBanked compliance and trust
Trust signalCompliance3 records
Banked financial estimates
Financial estimateRevenue estimate
Valuation estimate
Banked leadership team
Management profileNumber of profiles
Profiles11 records
Banked subsidiaries and ownership
Company hierarchySubsidiaries3 records
Banked funding detail
Funding detailFunding overview
Funding rounds4 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Banked M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Banked
What does Banked do?
Banked operates a global account-to-account (A2A) payments network branded Pay by Bank, enabling consumers to pay merchants directly from their bank account in real time via biometric bank authentication, without sharing card data. The platform is delivered as a single API exposing a modular product suite (Checkout, Payment Links, Payouts, Refund, Reporting, Incentivize, Onboard, Security, Protect) and is licensed to merchants, banks and payment platforms across the UK, Europe, the US and Australia.
Is Banked a public or private company?
Banked is a private company. It is classified as corporate owned and is currently acquired.
When was Banked founded?
Banked was founded in 2018. It employs 51 to 100 people.
Where is Banked based?
Banked is headquartered in London, United Kingdom, in the Europe region.
How does Banked make money?
Two revenue lines are on record. Pay by Bank Transaction Fees are the primary driver. The others are platform / API Access for Banks and Partners.
Who are Banked's main competitors?
Direct peers on record are TrueLayer, GoCardless, Token.io, Yapily and Trustly. Broad incumbents are Plaid, Tink (Visa-owned), Stripe and Adyen. Modulr is listed as an emerging player.
Does Banked have an API?
Yes. Banked offers a single API integration that gives access to all markets and its full product suite. The API supports both hosted checkout (up and running within a couple of hours) and embedded checkout (more customisation and control). Synchronous internal communication is handled via gRPC and asynchronous communication via Google Pub/Sub. A test/sandbox environment is available via console.banked.com, with full developer documentation at developer.banked.com. Banked is regulated by the FCA as a PISP, so merchants do not need separate regulation to take Pay by Bank payments. Authentication uses bank-grade biometric/SCA methods. Developer documentation is at developer.banked.com.
What industry is Banked in?
Banked's product category is Real-time Account-to-Account Payments. Its primary akta.pro industry code is FSAMAFAF, A2A Checkout & Merchant Acceptance Solutions, with a secondary code of FSAMAFAG, A2A Payouts & Disbursements. Its NAICS code is 52232.