Banked raises £2.35 million in seed funding

Created: 11 May 2020

The UK-based fintech company, Banked launches out of public beta after securing £2.35million in seed funding. The firm’s account-to-account payment software lets consumers, businesses and banks process payments in real-time and securely. The company has raised £5.35million in total to date. The latest round of funding was led by Force Over Mass and Acrew Capital.

“The current payments systems used by credit card companies and most traditional banks were designed 40 years ago and have become archaic, not to mention costly and inefficient for businesses to use”, said Brad Goodall, CEO of Banked. “It’s time we welcomed the future of payments and given the current state of the economy, businesses need this now more than ever”.

Banked enables merchants and customers to receive payments in real-time and the company charges 0.1% to process payments which is less than what is seen in the market. The company was founded in 2018 and is regulated both in the UK and the EU.