Banked buys open banking paytech Waave to drive Pay by Bank solution in Australia
Banked has acquired Sydney-based open banking paytech Waave in a deal expected to bolster its presence in Australia.
Banked buys Waave in Australia
The deal extends Waave’s existing partnership with Chemist Warehouse, cited in a statement by Banked as a “key factor” of the acquisition.
Founded in 2022, Waave specialises in real-time payment solutions that facilitate Pay by Bank transactions between businesses and consumers.
Backed by $4.7 million in seed funding, the fintech has been working with Chemist Warehouse, a retail pharmacy group in Australia, since December.
The pair have sought to install a Pay by Bank solution across the group’s online and in-store operations, with Chemist Warehouse currently maintaining over 500 branches throughout the country. The project is scheduled for delivery in “early 2025”.
Other retailers following a similar trajectory include Walmart, set to launch Pay by Bank in the US next year, and Visa, which is looking to introduce the capability in the UK through several partnerships with domestic fintechs, including a collaboration with Banked.
The London-based company currently provides infrastructure that enables banks, fintechs and other businesses to accept account-to-account payments, with Pay by Bank, its flagship offering, currently live in the US, Europe and Australia.
Banked previously secured a footing down under in May, when a partnership with National Australia Bank (NAB) was first announced. The partnership has made Pay by Bank available to NAB’s business clients through the PayTo services of domestic tech provider Australian Payments Plus.
