Banked has acquired UK-based consumer payments app VibePay, to drive Pay by Bank adoption through consumer and merchant incentives.
VibePay connects people, brands, sellers and banks with real time messaging and instant payments, offering personalised offers, peer-to-peer payments and financial insights.
Banked says the acquisition will address a gap in the market by rewarding debit users who have been overlooked by traditional credit card programmes.
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 new AI-powered insights and buyer recommendation engine was another key driver behind the acquisition. Initially focused on the UK, this will allow Banked’s partners and merchants to target verified Pay by Bank users through VibePay’s channels, to deliver tailored offers and messages.
Brad Goodall, CEO of Banked, says: "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 like never before."
This is the second acquisition Banked has made in the last 12 months after acquiring Australian Pay by Bank provider, Waave, in October 2024. Subsequent to this, Banked partnered with National Australia Bank to launch Pay by Bank for Amazon.com.au customers in Australia.