New payments startup launches out of beta following £2.3m seed funding

May 6, 2020

FinTech startup Banked, which was founded in 2018, has secured another £2.35 million in seed funding and launched out of beta to become a financial services challenger.

The latest funding was led by Force Over Mass, alongside Backed, Acrew Capital and high net worth partners including the family office of Paul Forster, Co-founder of indeed.com. It means Banked has now raised a total of £5.35 million in funding.

The startup provides account-to-account payment software which lets consumers, businesses and banks process payments in real-time, more securely, and for a fraction of the traditional cost. Banked enables merchants and customers to receive money from transactions as they happen, so they no longer have to wait weeks for the funds. It also charges just 0.1% to process payments, and does not share details during transactions to reduce fraud by 96%.

The latest funding round will be used to build more commercial relationships and support Banked’s rollout across Europe.

Brad Goodall (above), CEO of Banked, said: “The current payments systems used by credit card companies and most traditional banks were designed 40 years ago and have become archaic, not to mention costly and inefficient for businesses to use. It’s time we welcomed the future of payments and given the current state of the economy, businesses need this now more than ever.

“We want to be at the forefront of this new age and will be rolling out our service across the UK and the EU with invaluable support from Force over Mass and our other investors.”

Filip Coen, Partner at Force Over Mass, added: “The team at Banked have identified product market fit across a number of verticals including eCommerce, B2B payments and big money industries such as gaming, trading and retail. We have been watching open banking payments closely, waiting for the right time, team, product and vision to invest in, and we see all of these within Banked and their approach.”

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