National Australia Bank announced it has acquired Banked, a fintech company that enables businesses and customers to make and receive payments instantly through account-to-account payment technology.
The acquisition strengthens NAB’s payments capabilities and supports the bank’s strategy to help businesses receive payments faster and at a lower cost. Banked’s platform powers “Pay by Bank” transactions, allowing merchants to receive funds directly from a customer’s bank account without requiring a credit or debit card.
NAB has been a long-term investor and partner of Banked through NAB Ventures and has used Banked’s technology for business customers since 2024.
Shane Conway said combining Banked’s engineering and product expertise with NAB’s scale and payments infrastructure would create a more streamlined digital payments experience for merchants, from checkout through reconciliation and settlement.
The acquisition also supports NAB’s strategy to accelerate account-to-account and real-time payments capabilities for business customers as demand grows for faster and more efficient payment options.
Founded in 2018, Banked provides Pay by Bank and orchestration technology designed to enable secure, low-cost, real-time account-to-account transactions globally.
NAB Ventures invested in Banked during funding rounds in 2022, 2023, and 2024, and was previously a minority shareholder before the acquisition.
In the near term, Banked will continue operating as a wholly owned subsidiary of NAB while the bank integrates the platform into its broader technology environment.
KEY QUOTES:
“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.
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.
Importantly, Banked can offer a faster and lower-cost way for merchants to get paid and offers a smooth checkout experience, a win-win for everyone. We are proud to provide more support to Australian businesses.”
Shane Conway, NAB Group Executive, Transformation
“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.”
Brad Goodall, CEO and Co-Founder, Banked
