Banking service Banked has purchased peer-to-peer payment company VibePay, expanding its global payment capabilities.
In a strategic move to expand its global Pay by Bank market strategy, Banked has announced its acquisition of UK-based consumer payments app VibePay. This acquisition, subject to Financial Conduct Authority (FCA) approval, is part of Banked's broader plan to grow its technological and commercial footprint internationally.
The partnership between Banked and VibePay aims to leverage VibePay’s UK consumer payments app, which offers cashback and rewards, to drive global Pay by Bank adoption. With this acquisition, Banked strengthens its presence across the UK, EU, US, and Australia.
Banked's CEO, Brad Goodall, expressed his excitement about the combination of Banked and VibePay, stating that it will drive global Pay by Bank adoption. Luke Massie, founder of VibePay, will also join the Banked board.
Conor Tiernan, head of insights at VibePay, discusses how VibePay is driving "conversational commerce" on the Open Banking Expo Unplugged podcast series. He explains how the integration of VibePay is expected to bolster Banked’s ability to scale open banking payments globally and deliver more effective, innovative payment solutions tailored for both consumers and Small and Medium Enterprises (SMEs).
The partnership will offer innovative consumer incentives similar to credit cards and empower merchants with deep data insights. Banked's partners and merchants will have the ability to target verified Pay by Bank users through VibePay’s channels to create tailored messages and offers.
Banked's strategy with VibePay and other acquisitions like the Australian Pay by Bank player Waave, alongside partnerships with major firms like FIS and Visa, is to increase transaction volumes and justify ongoing investor capital inflows. The integration of VibePay is expected to accelerate Banked’s growth in the Pay by Bank market worldwide and achieve significant volume growth and sustainability in a competitive fintech landscape.
Steven Smith, director of Candy Ventures, will also join the Banked board. The acquisition of VibePay marks Banked's second acquisition in the past 12 months, following its acquisition of Australian Pay by Bank provider Waave in October 2024.
In summary, the partnership is designed to accelerate Banked’s growth in the Pay by Bank market worldwide by combining VibePay’s consumer rewards expertise with Banked’s infrastructure and innovation agenda, aiming to achieve significant volume growth and sustainability in a competitive fintech landscape.
- Banked and VibePay, with their combined expertise, aim to drive global Pay by Bank adoption, leveraging VibePay's rewards system and cashback offers in the UK, EU, US, and Australia.
- The acquisition of VibePay adds to Banked's strategic moves, strengthening its presence and expanding its technological and commercial footprint internationally.
- The partnership between Banked and VibePay is expected to bolster Banked’s ability to scale open banking payments globally, providing more effective, innovative payment solutions for both consumers and Small and Medium Enterprises (SMEs).
- The integration of VibePay is part of Banked's broader plan, which also includes acquisitions like the Australian Pay by Bank player Waave, to increase transaction volumes and attract ongoing investor capital.
- Conor Tiernan, head of insights at VibePay, discusses on the Open Banking Expo Unplugged podcast series how VibePay is promoting "conversational commerce," driving innovation and data insights for merchants.
- Luke Massie, founder of VibePay, will join the Banked board, contributing to Banked's fintech business strategy, technology, and global finance initiatives.
