Banked banks £1.5m in seed funding

By Ryan Weeks on 19th November 2018

Fintech

Backed VC led the investment in the pre-launch company.

Banked banks £1.5m in seed funding

The Open Banking ecosystem is an emerging hotspot in venture capital.

This morning, another early-stage entrant raised funding. Banked, which describes itself as 'a financial data start-up', has secured £1.5m in seed funding from Backed VC. Backed is a €50m seed-stage investment fund focused on technology firms.

Banked’s plan is to sit between banks, businesses and individuals to help manage the way financial data is accessed. It is developing tools to make data more accessible, to help developers manage integrations and to put individuals in control of their data.

The UK’s Open Banking framework is fast-drawing to the close of its first year in operation. The scheme allows third-parties to access customer data held by the banks – with the consent of customers – and to use that data to spin out new services.

Since the launch of the scheme, a new cadre of company has sprung up with ambitions to intermediate the process. Like Banked, these companies generally seek to smooth access between banks, providers and customers. TrueLayer, which is among the best-known of these ecosystem players, closed a $7.5m Series A in July.

Banked plans to launch its first product in the first quarter of 2019. It already has a beta tool running with test clients.

Brad Goodall, CEO of Banked, said in a statement: “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. 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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