UK-based fintech Banked has raised over USD 15 million in a Series A extension round, led by global software investor Insight Partners . The investment round was supported by Citi and National Australia Bank Ventures, who reportedly were gained over by Banked’s traction and approach to building a Pay by Bank global network.

Newly announced commercial partner and global payments firm Rapyd also participated in the round. Funding timeline and Bank of America partnership The extension came after an oversubscribed Series A earlier in 2022 led by Bank of America. This latest infusion of capital brings Banked’s total investment raised to date to over USD 50 million and includes the participation of new investors supporting the company’s geographical expansion with a particular focus on the US market.

According to the official press release, Insight Partners has put a firm focus on investing in the Open Banking space. The company recently invested in Tink, an Open Banking platform that was acquired by Visa in 2021. The additional funding piles on the already ongoing scaling process that started with Banked’s partnership with Bank of America.

Pay by Bank and its key capabilities Founded in 2018, Banked is a provider of alternatives to card payment methods. Unlike other mainstream global payment methods, users do not need to create an account or pass any login information to Banked – they simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the purchase. Total checkout time for a first-time user is under 30 seconds and no financial details are shared with Banked, which boosts security.

For merchants, costs are significantly lower and transactions take place in real-time and settle instantly. Pay by Bank euro currency payments will initially be available in France, Germany, and Spain and will continue in 2023 with the addition of new countries and currencies. Recent research by Allied Market Research cited by Banked forecasts the market will reach USD 43 billion by 2026 in Europe alone.

As explained in the press release, Banked has established consumer appeal by building an enhanced user experience and instant refunds, along with recently adding incentives including a reward programme with British Airways. .