- Australian banking giant NAB has acquired London fintech Banked to strengthen its real-time payments capabilities
- Banked’s account-to-account payment technology enables faster and lower-cost transactions by bypassing card networks
- NAB plans to integrate Banked’s technology into its payments infrastructure in the coming months
London fintech Banked has been acquired by Australian banking group National Australia Bank (NAB) as competition intensifies in the global real-time payments market.
The deal strengthens NAB’s push into account-to-account payments, a fast-growing alternative to traditional card transactions. The bank said the acquisition aligns with its strategy to help business customers receive payments faster while reducing transaction costs.
Founded in 2018 by Brad Goodall, Banked developed a Pay by Bank and payment orchestration platform that allows customers to pay merchants directly from their bank accounts. The technology bypasses credit and debit card networks, enabling real-time settlement with lower processing costs for businesses.
The fintech has positioned itself in the growing open banking payments sector, competing with companies building alternatives to traditional card infrastructure. Its platform focuses on digital checkout experiences designed to simplify payments for both consumers and merchants.
NAB had already been closely tied to Banked before the acquisition. Through NAB Ventures, the bank invested in the fintech across funding rounds in 2022, 2023, and 2024, becoming a minority shareholder prior to the takeover. NAB has also been using Banked’s technology for its business customers since 2024.
Shane Conway said combining Banked’s engineering and product capabilities with NAB’s payments infrastructure would create a more efficient experience for merchants, from checkout to settlement and reconciliation. Brad Goodall said joining NAB would help Banked scale its platform and expand its reach within the bank’s ecosystem.
“Bringing Banked into NAB will continue to make it easier for customers to connect with us and manage payments, reconciliation and settlement in one place. Pay by Bank is part of a broader shift in Australia’s payments landscape toward real‑time, account‑to‑account options that sit alongside cards and digital wallets. Customers expect making payments to be fast, easy and reliable, and Banked helps us deliver that,” says Mr Conway.
In the short term, Banked’s entities will continue operating as wholly owned subsidiaries of NAB. The Australian lender plans to integrate the fintech into its broader technology environment over the coming months.
The acquisition reflects growing interest from major banks in real-time and account-to-account payments as financial institutions seek alternatives to traditional card-based systems and rising transaction fees.
“The Banked team have worked hard to build a globally proven payments platform focused on the modern demands of developers and merchants of all sizes and scale. Having the backing of NAB will allow the platform to reach more customers,” says, Goodall.
TFN has also contacted the company for comments.
