Banked, the London-based account-to-account (A2A) payments provider, has made a strategic move into the Australian market by acquiring local A2A payments company Waave. Although financial terms were not disclosed, the acquisition marks a significant milestone for Banked’s global expansion efforts.
Waave, founded by a team of industry veterans, leverages open banking to provide Australians with a Pay by Bank alternative to traditional card payments. The company secured $4.7 million in seed funding last year, highlighting its potential and growth in the rapidly evolving payments landscape.
This acquisition follows Banked’s recent partnership with National Australia Bank (NAB), giving Banked access to a prominent client in Chemist Warehouse, one of Australia’s largest retailers.
Globally, A2A payments are gaining significant traction, with Brazil’s Pix and India’s UPI becoming household names. In Europe, the European Payments Initiative (EPI) is expected to boost Pay by Bank adoption with its new Wero wallet, while the US market sees retailers like Walmart preparing to enter the 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.”
As A2A payments continue to reshape global payments ecosystems, Banked’s acquisition of Waave solidifies its position as a major player in this space.
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