London-based payments start-up Banked has raised $20 million in a Series A funding round.

Founded in 2018, the company said it provides a payment method which enables consumers to pay from their existing mobile banking app, without sharing financial information.

The investment was led by Bank of America and Edenred Capital Partners.

Existing investors Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital, and Indeed.com founder Paul Forster also participated in the round alongside new investors such as Sidekick Partners, 9Yards, and former PayPal exec Huey Lin.

Banked said this brings its total investment raised to date to over $30 million.

In addition, the FinTech said the participation of new US-based investors supports the company’s plans for US expansion.

“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,” said Brad Goodall, chief executive at Banked. “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.”

He added: “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.”

Share Story: