Banked, a global real-time payments network, has closed its Series A funding round on $20m.
The investment was led by Bank of America and Edenred Capital Partners, with commitments also coming from Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital and Paul Forster.
Also joining the round, and making their first investment into Banked, were Sidekick, 9Yards and Huey Lin.
This investment will help the company expand across the US.
Founded in 2018, Banked hopes to become the leading provider of alternative card payment methods. Users do not need to make an account or pass any login information to Banked, they simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the transaction.
It claims the checkout time for first-time users is under 30 seconds and no financial details are shared with Banked.
Banked CEO Brad Goodall said, “Banked has built a product that can operate inside tier 1 banks, payment providers, gateways and technology platforms to allow them to offer Pay by Bank to their merchants. We have had a maniacal focus on infrastructure, security, and end consumer experience.
“Our clients only need to focus on integration. We really want to work inside the existing ecosystem and are building out very strong partnerships to deliver Pay by Bank globally. 2022 will see some really big brands go live with Pay by Bank, driving at the heart of delivering innovation at point of purchase to both the merchant and consumer.”
With the close of the round, the company has raised a total of $30m in funding.
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