Banked tops up Series A with $15m round

Banked, a London-based fintech establishing an alternative to traditional payments networks, has raised $15m. 

The new cash, which comes from Insight Partners, who led the round and have previously backed Tink, Citi, National Australia Bank Ventures and fellow fintech Rapyd, is an extension of Banked’s $20m Series A round - led by Bank of America - and first announced in February 2022. 

Founded in 2018 by Brad Goodall (pictured), who also co-founded 10x Future Technologies with ex-Barclays CEO Antony Jenkins,  Banked has raised $50m to date.

It was one of a number of new fintech companies to spring up in London around the time of the launch of the UK’s open banking framework and it has stayed a course of bringing account-to-account payments to the mainstream through its Pay by Bank global network. 

Banked, which has 100 staff members, recently opened an office in Palo Alto, California and CEO Brad Goodall has relocated from London to lead its US expansion. 

“Pay by Bank is taking off globally,” said Brad Goodall, Banked’s CEO, who adds banks now recognise a significant opportunity presented to improve the end-customer experience and rising demand from merchants.

“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,” he said. 

“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,” he added. 

“Banked has been heads down building products and partnerships for four years and it is exciting to be launching markets globally at pace now.”