Banked Raises $15M Series A Extension to Expand Pay-by-Bank Network

Banked, a pay-by-bank payment network, raised a $15M extension to its Series A round in approximately November 2022. The investment came from a notable mix of financial and strategic investors including Insight Partners, Citi, National Australia Bank Ventures, and Rapyd, a payments-as-a-service provider. Banked's platform enables merchants and businesses to accept payments directly from customer bank accounts, bypassing traditional card networks and their associated fees.

The involvement of two major global banks—Citi and National Australia Bank—as investors highlights strategic bank interest in open banking-powered payment rails. Rapyd's participation is also significant as a BaaS-adjacent payments infrastructure company investing in complementary technology. The funds are intended to expand Banked's pay-by-bank network to more merchants and geographies.

The investment reflects broader industry momentum toward embedded account-to-account payments as an alternative to card-based transactions. Banked's model sits at the intersection of open banking and embedded finance, making bank accounts directly accessible as a payment method within merchant checkout flows.