Banked has secured a strategic deal aimed at driving Pay by Bank adoption through innovative incentives for both consumers and merchants.
- Deal to drive Pay by Bank adoption through innovative consumer and merchant incentives.
- Partnership to address a gap in the market by rewarding overlooked debit users.
- Acquisition supported by Candy Ventures, with both Candy Ventures and Vibe Pay Founder Luke Massie joining the Banked board.
- Partnership reinforces Banked’s position in account-to-account payments and its commitment to building a truly global Pay by Bank platform.
London, UK – Tuesday 15 April 2025
Global Pay by Bank platform, Banked, has today announced the acquisition of UK-based consumer payments app VibePay, to accelerate global Pay by Bank adoption through innovative consumer and merchant incentives.
VibePay connects people, brands, sellers and banks with real-time messaging and instant payments. Like Cash App and Venmo in the US, the company has gained a loyal Gen Z and Millennial following, pioneering ‘Conversational Commerce’ through an innovative blend of personalised offers, peer-to-peer payments and financial insights.
Partnership to grow Pay by Bank usage by democratising incentives market and improving merchant targeting
Banked’s acquisition of VibePay will address a gap in the market by rewarding debit users who have been overlooked in traditional credit card ecosystems. In 2023, the UK debit payments market made up 86% of card payments, but the people who make those payments receive less than 2% of the rewards. The partnership will bring together Banked’s seamless payment infrastructure platform with Vibe Pay’s next-generation consumer experiences and merchant insights tooling.
Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback, and exclusive offers with every Pay by Bank transaction in the VibePay app – delivering tangible value with every spend. VibePay’s new AI-powered insights and buyer recommendation engine – an industry first in Open Banking – was another key driver behind the acquisition. Initially focused on the UK, this will allow Banked’s partners and merchants to target verified Pay by Bank users through VibePay’s channels, delivering tailored offers and messages that drive sales, increase basket sizes, and boost engagement, bringing brands and consumers closer than ever.
Candy Ventures and Luke Massie to join Banked board
The acquisition was supported by Vibe Pay’s long-time supporter and investor, Candy Ventures, founded by Nick Candy. Steven Smith, Director of Candy Ventures, and Vibe Pay’s founder and CEO, Luke Massie, will join the Banked board at the completion of the acquisition. The acquisition is awaiting FCA approval, after which the deal will be complete.
Candy Ventures Founder, Nick Candy, said: “I’ve been a strong supporter of VibePay, and I’m excited about the future with Banked. The global vision of the Banked founders is truly inspiring, and I see immense potential in the combined vision for the next generation of payments. This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition. I’m proud to be a part of this journey and am eager to champion this story both in the UK and internationally.”
Luke Massie, Founder of VibePay, said: “This is an incredibly exciting new chapter for VibePay and our community. We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences. By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”
Brad Goodall, CEO of Banked, said; “Banked’s pioneering global infrastructure has made us a leading Pay by Bank provider alongside our distribution partners and merchants. But the real value in Pay by Bank goes beyond cheap and secure payments; it’s in making spending work for everyone. The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives – on par with credit cards – and empower merchants with deep data insights to drive acquisition and retention like never before. I couldn’t be more excited to have Luke and the team joining Banked to create the best Pay by Bank experience in the world and accelerate market adoption for our banking technology partners, merchants, and consumers.”
This is the second acquisition Banked has made in the last 12 months after acquiring Australian Pay by Bank provider, Waave, in October 2024, further strengthening its presence across the UK, EU, US, and Australia.
Most recently, Banked partnered with National Australia Bank to launch Pay by Bank for Amazon.com.au customers in Australia. This acquisition also follows on the heels of a partnership with Australia’s largest pharmacy retailer Chemist Warehouse to power Pay by Bank payments both in-store and online.
Once launched in the UK, Banked and VibePay will begin market expansion of the technology to a global audience of distribution partners, merchants and consumers.
About Banked
Banked is a global Pay by Bank platform powering a new, direct-to-bank payments network that enables real-time, low-cost, and secure payments. With operations across the UK, Europe, the US, and Australia, Banked is backed by strategic investors and partners, including Bank of America, NAB, FIS, and Citi.
About VibePay
VibePay is a UK-based payments app known for its peer-to-peer capabilities and innovative conversational commerce model. It has built a strong brand and community of next-gen consumers through its Channels product and its focus on transparency, simplicity, and shared value.
