NAB backs fintech Banked

NAB’s innovation arm has backed alternative card payment fintech Banked to help build out its own real-time payment experiences for customers.

NAB Ventures was the only Australian investor in the latest found round, which saw the fintech raise US$15million (A$22 million). It is the bank's first investment in the company. 

London-based Banked provides alternative checkout methods for consumers by skipping the need for account login details but instead connecting to their mobile banking app and using biometrics to authenticate payments.

The Series A extension round saw global software investor Insight Partners lead the funding with investment from Citibank and global payments platform Rapyd.  

"We understand our customers want faster and more streamlined options for payments and we’re always looking to invest in companies and work together on product innovation,” NAB Ventures managing director Amanda Angelini told iTnews.

“We see great potential in working with Banked to create simpler, secure and real-time customer payment experiences for our business and consumer customers."

The newly raised funds will be put towards expanding Banked’s global ‘Pay by Bank’ network, which is currently focusing on the US market.

Australian co-founder and CEO Brad Goodall said via LinkedIn its new investors join Bank of America with the company’s goal to “build the next major global payments innovation for merchants and consumers.”

“2023 will be the year of Pay by Bank,” Goodall wrote.