Global Pay by Bank platform Banked is set to complete its acquisition of UK-based consumer payments app VibePay to accelerate global Pay by Bank adoption through innovative consumer and merchant incentives.
Recognising that many debit users are overlooked in traditional credit card ecosystems, Banked is aiming to address this gap via its acquisition of VibePay, pending FCA approval.
In 2023, the UK debit payments market made up 86 per cent of card payments, but the people who make those payments receive less than two per cent of the rewards. To address this, Banked plans to bring its payment infrastructure platform together with Vibe Pay’s consumer experiences and merchant insights tooling.
VibePay connects people, brands, sellers and banks with real-time messaging and instant payments. Like Cash App and Venmo in the US, the company has gained a loyal Gen Z and Millennial following, encouraging ‘conversational commerce’ through a blend of personalised offers, peer-to-peer payments and financial insights.
“Banked’s pioneering global infrastructure has made us a leading Pay by Bank provider alongside our distribution partners and merchants,” explained Brad Goodall, CEO of Banked. “But the real value in Pay by Bank goes beyond cheap and secure payments; it’s in making spending work for everyone. The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives – on par with credit cards – and empower merchants with deep data insights to drive acquisition and retention.”
Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback, and exclusive offers with every Pay by Bank transaction in the VibePay app. VibePay’s industry-first AI-powered insights and buyer recommendation engine in open banking was a key driver behind the acquisition. Initially focused on the UK, this will enable Banked’s partners and merchants to target verified Pay by Bank users through VibePay’s channels, delivering tailored offers and messages that drive sales, increase basket sizes, and boost engagement, bringing brands and consumers closer than ever.
Joining the board
The acquisition was supported by Vibe Pay’s long-time supporter and investor, Candy Ventures. Steven Smith, director of Candy Ventures, along with VibePay’s founder and CEO, Luke Massie, will both join the Banked board at completion of the acquisition.
Nick Candy, founder of Candy Ventures, said: ” The global vision of the Banked founders is truly inspiring, and I see immense potential in the combined vision for the next generation of payments. This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition.”
Luke Massie, founder of VibePay, also added: “We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences. By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”
This is the second acquisition Banked has made in the last 12 months after acquiring Australian Pay by Bank provider, Waave, in October 2024, further strengthening its presence across the UK, EU, US, and Australia. Most recently, Banked partnered with National Australia Bank to launch Pay by Bank for Amazon.com.au customers in Australia.
Once launched in the UK, Banked and VibePay will also begin market expansion of the technology to a global audience of distribution partners, merchants and consumers.
