London-based account-to-account payments provider Banked has expanded into the Australian market by acquiring local player Waave, though the financial details of the deal remain undisclosed.
Waave, founded by a group of industry veterans, utilizes open banking to provide Australians with a Pay by Bank alternative to traditional card payments. Last year, the company successfully raised $4.7 million in seed funding.
This acquisition follows Banked’s recent entry into Australia through a partnership with NAB, granting the UK firm access to a significant client in one of the country’s largest retailers, Chemist Warehouse.
The adoption of account-to-account payments is on the rise globally. In Brazil, the Pix system has surpassed credit and debit card transactions, while India’s Unified Payments Interface (UPI) has also gained substantial popularity. In Europe, new solutions like EPI’s Wero wallet are anticipated to boost the acceptance of Pay by Bank, and in the US, major retailer Walmart is preparing to participate in this space.
Brad Goodall, CEO of Banked, stated, “Acquiring Waave is a major step forward in our mission to expand our global payments network. Australia is a key market for us, and Waave’s technology and market presence align perfectly with our vision.”