Global Pay by Bank platform Banked has announced its acquisition of the UK-based consumer payments app VibePay, a move aimed at accelerating the adoption of Pay by Bank services through enhanced consumer and merchant incentives.
VibePay connects users, brands, sellers, and banks via real-time messaging and instant payments.
The acquisition is intended to address what Banked describes as a gap in the current payment ecosystem.
According to Banked, while debit cards accounted for 86% of card payments in the UK in 2023, users received less than 2% of the rewards typically offered in credit card incentive schemes.
By combining Banked’s payment infrastructure with VibePay’s consumer-facing platform and merchant insight tools, the companies aim to offer debit users access to personalised rewards, cashback, and exclusive offers for Pay by Bank transactions through the VibePay app.
A notable element of the deal is VibePay’s AI-powered insights and buyer recommendation engine, which the company describes as an industry first in Open Banking.
Initially launching in the UK, this technology will enable merchants to target verified Pay by Bank users with tailored offers and promotional messages via VibePay’s platform.
The acquisition, which remains subject to approval by the Financial Conduct Authority (FCA), will also see long-standing VibePay investor Candy Ventures further involved in the business.
Candy Ventures Director Steven Smith and VibePay founder and CEO Luke Massie are set to join the Banked board upon completion of the deal.
Luke Massie, founder of VibePay, added:
“We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences. By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”
Brad Goodall, CEO of Banked, said:
“The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives, on par with credit cards, and empower merchants with deep data insights to drive acquisition and retention like never before.”
This marks Banked’s second acquisition in the past 12 months, following its purchase of Australian Pay by Bank provider Waave in October 2024.
Featured image credit: edited from freepik
