Banked
Banked runs pay-by-bank payment links, now fully owned by Australia's NAB after May 2026.
On the record
Checkpoint: NAB completes integration of Banked entities into its technology environment
The call
Banked is now a payments team inside NAB, and whether Bank of America and Citi still show up as clients in a year will say if any of its old independence survives.
Banked built a system that let different banks send money to each other directly, without needing a middleman. The whole idea was that Banked didn't favor any one bank, so all banks trusted it equally. But in May 2026, Australia's National Australia Bank bought Banked outright, which broke that trust: now Banked is owned by one of the banks it used to serve as a neutral partner. Other big banks like Bank of America and Citibank may now see Banked as unfairly favoring NAB and stop using it, which would turn Banked from an independent network into just another NAB internal team. Watch whether these outside banks keep using Banked in the next six months, and whether Banked's staff stay or leave after the takeover.
Why
01
AI pressure: None apparent. AI agents that autopay from bank accounts could route around any single provider, but no named AI product is targeting this niche yet. Could AI do the core job? Unlikely.
02
Bigger players: National Australia Bank (NAB). NAB bought Banked outright in May 2026 and plans to fold its tech into NAB's own systems, ending its neutral, multi-bank pitch. Could a giant copy it? Yes, easily.
03
What protects it. FCA authorization as a Payment Initiation Service Provider and existing plumbing into Bank of America, Citi, and Amazon Australia checkout flows.
What would change this call
Whether Bank of America and Citi publicly renew or expand Banked deals within 12 months of the NAB deal. Shows whether non-NAB banks still trust Banked as neutral infrastructure.
Whether NAB integrates Banked's entities into its core tech stack per the 'coming months' timeline. Shows whether Banked becomes an internal NAB team rather than independent network.
Whether Chemist Warehouse and Amazon Australia pay-by-bank rollouts show usage growth in NAB or partner reporting. Shows whether the Waave-derived Australian merchant base is actually generating traction.
Whether NAB integrates Banked's entities into its core tech stack per the 'coming months' timeline. Shows whether Banked becomes an internal NAB team rather than independent network.
Whether Chemist Warehouse and Amazon Australia pay-by-bank rollouts show usage growth in NAB or partner reporting. Shows whether the Waave-derived Australian merchant base is actually generating traction.
Key numbers
- NAB acquired Banked for undisclosed sum
- Total raised roughly $39.8 to $50 million
- Global payments fintech revenue hit $222B
Named risks
- Rival bank clients Bank of America and Citi may exit now that NAB, a competitor bank, owns Banked.
- Integration into NAB's tech stack in coming months post-May 2026 could disrupt product roadmap and staff retention.
- No disclosed revenue or headcount figures make independent viability assessment impossible.
- Crowded A2A market with TrueLayer, Tink, GoCardless, Fiserv, Visa and Mastercard all expanding pay-by-bank capabilities.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| TrueLayer | losing to | TrueLayer covers ~99% of UK accounts and launched Bank on File for recurring payments, 2026-05-27 |
| Tink (Visa) | losing to | Visa-owned Tink has 6,000+ bank connections since 2022 acquisition |
| Fiserv | losing to | Fiserv powers Walmart's pay-by-bank rollout via NOW network since 2024-25 |
| GoCardless | contesting | GoCardless has ~800 staff focused on Direct Debit/recurring A2A as of 2025-09-17 |
| National Australia Bank (NAB) | losing to | NAB acquired Banked outright 2026-05-14, ending its independent bank-neutral positioning |
Questions people ask
- Is Banked still independent or did it get acquired?
- Banked was acquired outright by National Australia Bank (NAB) on 14 May 2026 for an undisclosed sum, ending its run as an independent multi-bank open banking network. It now operates as a wholly owned NAB subsidiary pending integration into NAB's technology environment, per fintechfutures.com, 2026-05-15.
- Is Banked profitable?
- No official revenue or profitability figures have been disclosed. CBInsights notes total funding raised of $39.81M with no revenue data as of 2025-04-14. As a company just absorbed into NAB in May 2026, its standalone financials remain undisclosed.
- Who owns Banked now?
- Banked is wholly owned by National Australia Bank (NAB), which announced full acquisition on 14 May 2026. NAB Ventures had been a minority shareholder since 2022 across three funding rounds before NAB bought the remaining stake outright, per fintechfutures.com.
- Will Bank of America and Citi keep using Banked now that NAB owns it?
- Unclear as of mid-2026. Bank of America and Citi were both investors and commercial partners in Banked's 2022 funding rounds, but continuity of those relationships is uncertain now that a competing bank, NAB, owns Banked outright, per the May 2026 acquisition reporting.
- Could AI replace what Banked does?
- Not easily. Banked's core value is FCA-licensed payment initiation (PISP status, firm reference 816944) and direct bank-API integrations, which AI doesn't replicate. Only edge functions like fraud detection and reconciliation are AI-exposed, per the FAQ page and industry sourcing as of 2026.
- Who are Banked's biggest competitors?
- Direct rivals in UK/EU open banking payments include TrueLayer (99% UK account coverage, launched Bank on File in May 2026), GoCardless (~800 staff), Trustly, Tink (owned by Visa since 2022, 6,000+ bank connections), Volt, Yapily, Finexer, Token.io, and Noda.
Timeline
- 2026-05-15Fintech Futures reports Banked becomes wholly owned NAB subsidiary pending integration
- 2026-05-14NAB announces acquisition of Banked for undisclosed sum
- 2025-01Banked and NAB partnership enables Pay by Bank on Amazon Australia store
- 2024-10-10Banked acquires Australian fintech Waave, gaining Chemist Warehouse pipeline
- 2022-11-15Banked raises $15M Series A extension led by Insight Partners with Citi and NAB Ventures
- 2022-02-14Banked raises $20M Series A led by Bank of America and Edenred Capital Partners
- 2020-05-06Banked raises £2.35M seed funding round
- 2018-01Banked founded in London
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Banked gains foothold on Australia's real-time payments market
- Real time payments for consumers, businesses and banks
- NAB acquires fintech Banked, making payments easier for more businesses (2026-06-26)
- NAB acquires full ownership of open banking partner Banked (2026-05-15)
- Banked picks up £2.35M seed funding (2020-05-06)
- Banked Stock Price, Funding, Valuation, Revenue & Financial Statements (2025-04-14)
- Banked Acquires Waave, Bolstering Pay-by-Bank Foothold (2024-10-10)
- NAB Buys Banked to Speed Up Merchant Payments (2026-05-14)
- Fintech revenues hit record $504B in 2025: study (2026-06-03)
- Bank on File: this is only the start (2026-05-27)
- Top five GoCardless alternatives (2025-09-17)
- Is There a Better Banked Alternative for UK Businesses? (2025-04-27)