London fintech company raises £2.35m funding to launch new payment software

A London fintech firm has secured £2.35m in seed funding to launch its new platform.

Banked, which uses account-to-account payment software, is using the multi-million pound funding to launch out of beta.

The latest funding round was led by Force Over Mass, and brought the firm’s total fundraising to £5.35m.

The company has said that its platform reduces fraud by 96 per cent.

Brad Goodall, CEO of Banked, commented: “The current payments systems used by credit card companies and most traditional banks were designed 40 years ago and have become archaic, not to mention costly and inefficient for businesses to use.

“It’s time we welcomed the future of payments and given the current state of the economy, businesses need this now more than ever.

“We want to be at the forefront of this new age and will be rolling out our service across the UK and the EU with invaluable support from Force Over Mass and our other investors.”

Filip Coen, partner at Force Over Mass, added: “The team at Banked have identified product market fit across a number of verticals including e-commerce, B2B payments and big money industries such as gaming, trading and retail.

“We have been watching open banking payments closely, waiting for the right time, team, product and vision to invest in, and we see all of these within Banked and their approach.’”