Hello everyone!
I am excited to share some thrilling news in the world of fintech.
Banked is set to revolutionize payments by acquiring VibePay.
This strategic acquisition aims to accelerate the global adoption of Pay by Bank by offering innovative incentives for both consumers and merchants. Recognizing that many debit users are overlooked in traditional credit card ecosystems, Banked fills this gap with the integration of VibePay, pending FCA approval. In 2023, the debit payment market in the UK accounted for 86% of card payments, but users received less than two percent of rewards. To address this, Banked merges its payment infrastructure platform with the consumer experiences and merchant insights tools from VibePay.
VibePay connects individuals, brands, sellers, and banks through real-time messaging and instant payments. Comparable to Cash App and Venmo in the U.S., the app has managed to retain a Gen Z and Millennial clientele by fostering conversational commerce through a combination of personalized offers, peer-to-peer payments, and financial insights. Brad Goodall, CEO of Banked, highlights that the true value of Pay by Bank lies not only in secure and affordable payments but also in the ability to make spending work for everyone.
Under the umbrella of Banked, consumers will benefit from personalized rewards, cashbacks, and exclusive offers with every Pay by Bank transaction made through the VibePay app. The artificial intelligence and shopping recommendation engine of VibePay have been key drivers of this acquisition. Initially focused on the UK, this initiative will allow Banked‘s partners and merchants to target verified Pay by Bank users across VibePay channels, thus offering tailored offers that drive sales, increase basket sizes, and enhance engagement.
The acquisition is supported by Candy Ventures, a long-time investor in VibePay. Steven Smith, director of Candy Ventures, and Luke Massie, founder and CEO of VibePay, will join the board of Banked once the deal closes. Nick Candy, founder of Candy Ventures, expresses his excitement about the overall vision of Banked‘s founders and the immense potential of this collaboration for the next generation of payments.
This acquisition marks the second transaction made by Banked in the past twelve months, following the purchase of the Australian Pay by Bank provider, Waave, in October 2024. This move further strengthens its presence in the UK, the EU, the U.S., and Australia. Recently, Banked also established a partnership with the National Australia Bank to launch Pay by Bank for customers of Amazon.com.au in Australia. Once launched in the UK, Banked and VibePay plan to expand this technology to a global audience of distribution partners, merchants, and consumers.
In a world where financial innovation continues to grow, Banked takes a major step by partnering with VibePay. This strategic acquisition aims to accelerate the global adoption of bank payments by offering innovative incentives for both consumers and merchants. By recognizing that many debit users are overlooked in traditional credit card ecosystems, Banked aims to bridge this gap through this collaboration, pending FCA approval.
What are the market challenges for payments in the UK?
In 2023, the debit payment market in the UK accounted for 86% of card payments. However, users of these cards receive less than two percent of the offered rewards. This imbalance has prompted Banked to integrate the capabilities of VibePay to provide a fairer and more appealing experience. The goal is to transform how consumers interact with payment methods by offering personalized rewards, cashback, and exclusive offers with every transaction made through the VibePay app.
How will Banked and VibePay revolutionize user experience?
The partnership between Banked and VibePay creates synergy between Banked‘s payment infrastructure and VibePay‘s consumer experience and merchant analytics tools. This combination fosters the adoption of Pay by Bank by offering incentives comparable to those of credit cards. VibePay, which connects individuals, brands, sellers, and banks through real-time messaging and instant payments, has managed to retain a young and dynamic audience, particularly among Generation Z and Y.
The impact of AI-driven analytics
A key element of this acquisition is the integration of AI-driven insights from VibePay. These analyses allow targeting verified Pay by Bank users with personalized offers and messages, thereby increasing sales, average basket sizes, and consumer engagement. This data-driven approach is essential to provide an optimized and relevant user experience.
What are the implications for merchants?
Merchants will benefit from deep data on buying behaviors through VibePay‘s analytical tools. This valuable information facilitates customer acquisition and retention by enabling targeted and relevant offers. Furthermore, merchants will be able to use this data to optimize their sales strategies and enhance the overall customer experience, thereby creating a closer relationship between brands and consumers.
What does the future hold for contactless payments?
The future of payments is increasingly leaning towards contactless solutions, as highlighted by the rise of Pay by Bank. This trend is amplified by the combined offering of Banked and VibePay, which promises to make transactions faster, more secure, and beneficial for all stakeholders involved. To learn more about innovative technologies in this field, check out Contactless payments: Everything you need to know.
What are the benefits for consumers?
Consumers will enjoy personalized rewards and exclusive cashbacks with every transaction made via VibePay. This approach makes Pay by Bank as attractive as credit cards while providing greater simplicity and security. In addition, access to exclusive offers and personalized recommendations enhances the user experience, turning every spending opportunity into a gain opportunity.
How does this acquisition strengthen Banked’s position in the global market?
This acquisition marks the second transaction made by Banked in the past 12 months, following the acquisition of the Australian provider Waave in October 2024. By reinforcing its presence in the UK, EU, US, and Australia, Banked positions itself as a global leader in Pay by Bank. The recent partnership with National Australia Bank to launch Pay by Bank for Amazon.com.au customers in Australia is a testament to this rapid and strategic expansion.
Who are the new members of the board of directors?
With this acquisition, Steven Smith, director of Candy Ventures, and Luke Massie, founder and CEO of VibePay, will join the board of Banked. This integration brings valuable expertise and strategic support, strengthening the overall vision of Banked and paving the way for new growth and innovation opportunities.
Testimonials from leaders
Nick Candy, founder of Candy Ventures, states: “The overall vision of Banked’s founders is truly inspiring, and I see immense potential in this combined vision for the next generation of payments. This is a positive moment for the UK tech sector, with two British companies coming together to further a global ambition.”
Luke Massie, founder of VibePay, adds: “We have spent years developing technology that truly connects people — not just for transactions but for experiences. By joining forces with Banked, we now have the infrastructure, global reach, and access to merchants to supercharge what we have built and deliver real value to consumers at scale.”
What are the next expansion plans?
Once launched in the UK, the partnership between Banked and VibePay plans to extend the technology to a global audience, including distribution partners, merchants, and consumers. This global expansion aims to standardize Pay by Bank as a preferred payment solution across different markets, providing seamless and innovative user experiences worldwide. To discover the latest innovations in the fintech sector, check out The future of payments: the 50 fintech innovations of 2025.
How does this acquisition fit into Banked’s overall strategy?
The acquisition of VibePay perfectly aligns with Banked‘s strategy to become a key player in Pay by Bank on a global scale. By combining their payment infrastructure with VibePay‘s capabilities in user experience and data analytics, Banked strengthens its efforts to offer more inclusive and advantageous payment solutions. This multifaceted approach allows Banked to effectively meet the diverse needs of consumers and merchants while consolidating its position in the global market.
To further explore the best payment gateways, visit Comparison: the 10 best payment gateways. Also, discover how fintechs are adapting to the needs of those addicted to deferred payments at How a fintech managed to bounce back by adapting to the needs of deferred payment enthusiasts.
