NAB Ventures has participated in a A$15 million capital raising for London fintech Banked, which claims to be “building a next-gen payment network”.
It is Banked’s second funding round this year, taking funds raised since it was launched in 2018 to $50 million. Capital raisings have been led by Bank of America and, for the latest deal, Insight Partners, an investor in financial services software and open banking.
Banked describes its business strategy as developing an alternative payment method that bypasses card schemes.
“Unlike other mainstream global payment methods, users do not need to create an account or pass any login information to Banked. They simple choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate their purchase.”
Australia’s big banks are targeting growth in payments. Last month, Westpac confirmed that it has had “preliminary discussions” with payments company Tyro. The bank said an acquisition would strengthen its small business proposition, enabling it to grow its merchant acquiring business.
Earlier this year, ANZ formed a joint venture with French payments company Worldline. ANZ Worldline Payment Solutions is 51 per cent owned by Worldline and 49 per cent by ANZ. ANZ’s merchant acquiring business has been sold into the JV.
Worldline claims to be the biggest player in the European payments services market and number four worldwide, operating in 50 countries and working with 1200 banks and financial institutions.
ANZ said the JV would give its business customers access to “best in class” payment technology.