Digital payments startup Banked adds £12.6m to Series A round

Banked Banked CEO, Brad Goodall

Digital payments startup Banked has raised an additional $15m (£12.6m) as part of an extension to its Series A, first announced in February.

Banked, which lets consumers pay using their bank without entering their account details at checkout, raised $20m (£16.8m) earlier this year in a round led by Bank of America.

The fintech has since brought on new funding in a round led by Insight Partners.

“There is a queue forming to be part of the new payment network and to help shape its future with a seat at the table,” said Banked founder, Brad Goodall.

“Banked has a unique partnership model which relies on global go-to-market partners in the shape of banks, PSPs, and technology platforms.”

Goodall said that the company therefore has a particular focus on areas such as “risk and compliance, security, and consumer protection”.

Banked uses biometric security, QR codes and SMS messages to authorise payments made through the service, eliminating the need to create an account or enter financial information.

While the additional investment into Banked marks a vote of confidence from investors in the alternative payments industry, competition is fierce.

The industry includes titans like Apple, Stripe, and PayPal, to fellow UK-founded startups like Manchester’s Boodil – which this week raised £525,000.