# Banked

> Banked is an account-to-account payments company that let shoppers pay merchants straight from their bank account, skipping Visa and Mastercard entirely. Founded in London in 2018 by Australian-born Brad Goodall, it raised more than $50 million from Bank of America, Insight Partners, Citi and NAB Ventures, powered Pay by Bank on Amazon Australia, and in May 2026 was acquired outright by National Australia Bank.

- **Founded:** 2018
- **Headquarters:** London, United Kingdom
- **Founders:** Brad Goodall (Co-Founder & Group CEO), Neil Ambler (Co-Founder & COO), Patrick Cox (Co-Founder), Ellie Fernandes (Co-Founder)
- **Team size:** ~57-100 employees across roughly nine geographies
- **Products:** Pay by Bank, Payment orchestration API, Loyalty & rewards, PayTo-enabled Pay by Bank (Australia)
- **Notable:** Raised more than $50 million across four rounds from Bank of America, Insight Partners, Citi, Edenred and NAB Ventures, Signed Bank of America as an investor and distribution partner for Pay by Bank, Put PayTo-enabled Pay by Bank live on Amazon Australia with NAB

## Products & services

- **Pay by Bank** — Account-to-account checkout that lets shoppers pay merchants directly from their bank account using biometric authentication in their banking app - no card numbers, instant settlement, and merchant fees claimed up to 90% lower than cards with near-zero fraud and chargebacks.
- **Payment orchestration API** — A single API connecting a global network of local payment methods and banking rails, with a developer portal for integrating Pay by Bank into checkout, invoicing, payouts and refunds.
- **Loyalty & rewards** — Incentives and rewards embedded directly into the payment experience so merchants can reward customers at the moment of payment.
- **PayTo-enabled Pay by Bank (Australia)** — One-off and recurring real-time payments over Australia's PayTo rail, reaching roughly 95% of Australian retail bank accounts - the technology behind Pay by Bank on Amazon Australia.

## Achievements

- Raised more than $50 million across four rounds from Bank of America, Insight Partners, Citi, Edenred and NAB Ventures
- Signed Bank of America as an investor and distribution partner for Pay by Bank
- Put PayTo-enabled Pay by Bank live on Amazon Australia with NAB
- Acquired Australian fintech Waave in 2024 to enter the Australian market
- Named a UK's Best Workplace in 2023
- Acquired in full by National Australia Bank in May 2026

## Latest updates

- **2026-05** — National Australia Bank acquired Banked in full (announced 14 May 2026), taking it from minority stake to outright ownership; terms undisclosed.
- **2026-01** — A proposed acquisition of UK fintech VibePay fell through during due diligence.
- **2025-01** — PayTo-enabled Pay by Bank went live on Amazon Australia via the NAB partnership.
- **2024-10** — Banked acquired Australian fintech Waave, inheriting the Chemist Warehouse partnership and entering the Australian market.

## Links

- Website: https://banked.com
- LinkedIn: https://www.linkedin.com/company/banked-limited/
- Twitter/X: https://twitter.com/wearebanked

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Published by YesPress — https://yespress.io
Last updated: 2026-08-20