London-based payments company Banked has raised over US$15 million in a Series A extension round, led by global software investor Insight Partners, following a Series A earlier this year led by Bank of America.
Citi, National Australia Bank Ventures, and global payments firm Rapyd also participated in the round. The round brings the company’s total funding raised to date to over US$50 million.
Banked has been focusing on expanding to the US, with CEO Brad Goodall relocating from London to the company’s new office in Palo Alto, California. The company has around 100 employees.
Founded in 2018, Banked provides an account-to-account payment software platform that lets consumers, businesses, and banks process payments in real-time.
Insight Partners previously invested in Swedish open banking platform Tink which was acquired by Visa for US$2.2 billion in mid-2021.
“Banked has been heads down building products and partnerships for four years and it is exciting to be launching markets globally at pace now,”
said Brad Goodall, CEO at Banked.
“Banked’s unique strategy in partnering with commercial banks and payment service providers, as well as their product capabilities, stood out to us,”
said Byron Lichtenstein, Managing Director at Insight Partners.
