Banked acquires VibePay to drive global Pay by Bank use

Banked has announced its acquisition of UK-based consumer payments app VibePay, with the aim of accelerating the global adoption of Pay by Bank through the introduction of new consumer and merchant incentives.

Headquartered in the UK and with a presence in Australia and the US, Banked is led by Australian co-founder and Chief Executive Officer Brad Goodall. This acquisition follows Banked's purchase of Australian Pay by Bank provider Waave in late 2024, as well as the recent launch of Pay by Bank at checkout for Amazon's Australian site.

VibePay offers real-time messaging and instant payments, enabling connections between people, brands, sellers, and banks. The company has attracted a Gen Z and Millennial user base by focusing on peer-to-peer payments, personalised offers, and financial insights, likening itself to solutions such as Cash App and Venmo in the US.

The acquisition aims to address a gap in the market by providing incentives to debit card users, who, according to Banked, made up 86% of card payments in the UK in 2023 but received less than 2% of available rewards. The plan is to combine Banked's payments infrastructure with VibePay's consumer experience and merchant insight tools, focusing initially on the UK market.

Following the acquisition, VibePay will operate under the Banked brand, allowing consumers to access personalised rewards, cashback, and exclusive offers each time they use Pay by Bank in the VibePay app. A key factor in the acquisition was VibePay's AI-powered insights and buyer recommendation engine, described as an industry first in Open Banking, which will enable merchants and partners to offer targeted campaigns to verified Pay by Bank users through VibePay.

The acquisition is supported by Candy Ventures, a long-term investor in VibePay founded by Nick Candy. Upon completion, both Candy Ventures and VibePay Founder Luke Massie will join the Banked board. The transaction is subject to approval by the Financial Conduct Authority.

Nick Candy, Founder of Candy Ventures, 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, commented: "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, Chief Executive Officer of Banked, added; "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 marks Banked's second acquisition within the past twelve months following its purchase of Waave, and further strengthens its market reach across the UK, EU, US, and Australia. Recent activity from Banked includes a partnership with National Australia Bank and the deployment of Pay by Bank functionality for Amazon customers in Australia, as well as a deal with Chemist Warehouse in Australia for both in-store and online payments.

The companies indicated plans to scale the capabilities of their technology globally following the launch in the UK, expanding access to distribution partners, merchants, and consumers elsewhere.