Banked: The Payment Rebel That’s Ready to Break the Bank
Imagine a world where your credit card firm or traditional bank earns a dime for every transaction, while a small London‑based startup charges a single cent. That’s the angle Banked is hitting. After riding the beta wave and hauling in another £2.35 m in seed money, the company has now set sail with a grand total of £5.35 m in funding. Led by Force Over Mass, with backing from Backed, Acrew Capital, and high‑net‑worth partners like the family office of Paul Forster (the guy behind Indeed.com), Banked is ready to shake up the payments industry.
What Banked Actually Does
- Real‑time money‑moves – No more waiting weeks for money to hit the account. Transactions flow instantly, just like a Wi‑Fi ping.
- Sneaky secure – By swapping out customer bank details, the software slashes fraud by 96%. It’s the modern version of a “locked safe” without the heavy paperwork.
- Stamp‑on‑the‑fee – A meager 0.1 % charge per transaction versus the typical 1–4 %. Think of it as the penny‑pinball of the payments world.
The Market That Should Feel the Burn
The global payments stack is projected at a whopping $3 trillion by 2022, yet almost all that value is still squatted by Visa and Mastercard. Their “railworks” were designed on vinyl records, not on smartphones. It’s a pricey, sluggish, and fraud‑prone legacy that feels like it’s been stuck in the 1980s. Open banking, combined with open APIs in the banking world, is currently clearing the path for a payments revolution. Banked wants to be the front‑runner.
Regulation, Vision, and the Next Steps
Founded in 2018 and regulated across the UK and EU, Banked plans to use the newly acquired capital to forge more commercial deals and push its services throughout Europe.
CEO Talk—No Time for “Old‑School” Pays
“The payment systems used by credit card giants and most banks were designed 40 years ago. They’re archaic, costly, and inefficient for businesses. We’ve got to welcome the future of payments, especially given the current economy where businesses need it now more than ever,” said Banked CEO Brad Goodall.
Investor Insight
“Banked has found product‑market fit across e‑commerce, B2B payments, gaming, trading, and retail. We’ve watched open banking payments closely, waiting for the right team and vision. Now we see it all at Banked,” added Force Over Mass partner Filip Coen.
How You Can Use Banked—From Apps to Texts
- Embed the Banked API into mobile apps, customer portals, emailed invoices, or even text messages.
- Individuals can use the free Banked app to create payment links and ask anyone for any amount—no need to expose any bank details.
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