Banked, the global payment solution, expands its portfolio with the acquisition of VibePay, a digital payments company.
Banked Expands Global Pay by Bank Market Presence with Acquisition of VibePay
In a move to bolster its global presence in the Pay by Bank market, Banked has announced the acquisition of UK-based consumer payments app VibePay. The deal, which is awaiting approval from the Financial Conduct Authority, will see VibePay operating under the Banked umbrella 14.
Luke Massie, founder of VibePay, will join the Banked board, bringing his expertise in consumer payments to the company. The acquisition will enable market expansion of Banked's technology to distribution partners, merchants, and consumers, globally 1.
The partnership between Banked and VibePay is designed to combine Banked’s Pay by Bank technology focus with VibePay’s consumer-centric rewards mechanism. This collaboration aims to accelerate growth and adoption in the global Pay by Bank market, particularly in the UK 135.
VibePay's UK consumer payments app offers cashback and rewards, which will enhance consumer engagement and adoption of payments via open banking. The acquisition addresses a gap in the market by rewarding debit users, who have been overlooked in traditional credit card ecosystems 1.
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. This partnership and acquisition are part of Banked’s broader strategy to build a strong technological and commercial footprint in different markets 1.
Brad Goodall, CEO of Banked, emphasizes continued investment in payment routing, authentication, settlement, and support technology. The company also aims to explore new technology models to drive sustainable product innovation across its Pay by Bank products 1.
The overall objective is to scale open banking payments globally, increase transaction volumes, and justify ongoing investor capital by enhancing product offerings and market reach through VibePay’s platform and rewards ecosystem 1.
Conor Tiernan, head of insights at VibePay, discussed "conversational commerce" on the Open Banking Expo Unplugged podcast series. The combination of Banked’s payment infrastructure platform with VibePay’s consumer experiences and merchant insights tooling aims to accelerate global Pay by Bank adoption 135.
In the past 12 months, Banked has made two acquisitions, including buying Australian Pay by Bank provider Waave in October 2024. Steven Smith, director of Candy Ventures, will also join the Banked board 1.
With the acquisition, consumers will have access to personalised rewards, cashback, and exclusive offers with every Pay by Bank transaction in the VibePay app. The strategic partnership between Banked and VibePay is poised to drive Pay by Bank adoption through innovative consumer incentives and deep data insights for merchants.
- The acquisition of VibePay by Banked, pending approval from the Financial Conduct Authority, will see Luke Massie, founder of VibePay, joining Banked's board.
- The partnership between Banked and VibePay aims to combine Banked’s Pay by Bank technology focus with VibePay’s consumer-centric rewards mechanism.
- The collaboration between Banked and VibePay will be instrumental in accelerating growth and adoption in the global Pay by Bank market, particularly in the UK.
- VibePay's UK consumer payments app offers cashback and rewards, which will enhance consumer engagement and adoption of payments via open banking.
- 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.
- With the acquisition, consumers will have access to personalized rewards, cashback, and exclusive offers with every Pay by Bank transaction in the VibePay app, driving Pay by Bank adoption through innovative consumer incentives and deep data insights for merchants.
