Payments start-up Banked raises £2.3m in seed funding
Banked, a UK start-up which aims to refresh the payments industry through an account-to-account network, has raised £2.3 million in seed funding.
The firm has raised a total of £5.35 million, with the latest investment led by Force Over Mass, including participation from Backed and Acrew Capital.
Banked claims that it can help merchants and customers to receive money from transactions in real time. It charges 0.1% fees for processing and says that its platform can reduce fraud by as much as 96%.
The payment industry, it claims, is operated on outdated rails sponsored by giant firms like Visa and Mastercard.
“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,” says Brad Goodall, Banked CEO.
“It’s time we welcomed the future of payments and given the current state of the economy, businesses need this now more than ever.
“We want to be at the forefront of this new age and will be rolling out our service across the UK and the EU with invaluable support from Force over Mass and our other investors.”