Banked Raises $20M Series A Led by Bank of America
Banked, a UK-based fintech offering Banking-as-a-Service and Open Banking-powered 'Pay by Bank' solutions, closed a $20 million Series A funding round on February 14, 2022. The round was co-led by Bank of America and Edenred Capital Partners. Existing investors including Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital, and Paul Forster participated, alongside new investors Sidekick, 9Yards, and Huey Lin.
The raise brought Banked's total funding to over $30 million. The capital will be used to fund expansion into the US market and further develop its two-sided payments network connecting businesses and consumers. Bank of America's participation as lead investor underscores growing interest from major banks in Open Banking infrastructure and BaaS-enabling platforms.
- Bank of America's lead investment signals traditional banks actively backing Open Banking and BaaS infrastructure providers
- Banked's US expansion adds competitive pressure to the growing Pay by Bank and account-to-account payments segment