Banked raises $20M Series A led by Bank Of America And Edenred by Coldewey For TechCrunch
us 20m seriescoldeweytechcrunch – One of the biggest and most recognized financial organizations in the US is Bank of America. It is renowned for its dedication to offering its clients top-notch financial services. Bank of America is now the lead investor for Banked. The article below unravels the details.
Digital banking services are offered to both businesses and people by Banked, a fintech (financial technology) company. By providing a variety of financial goods and services via a mobile app and internet platform. The company hopes to make banking simpler and more accessible.
Business and personal current accounts, debit cards, money transfers, and invoice generation are a few of the services that Banked provides. The business aims to offer a fluid and user-friendly banking experience. This is to get rid of the stress and complexity frequently connected with traditional banking. us 20m seriescoldeweytechcrunch
Banked is part of a growing trend of fintech businesses. It aims to upend the conventional banking sector by providing cutting-edge and more practical financial services. These businesses hope to give customers more financial autonomy, more transparency, and more affordable services than traditional banks.
Benefits Of Banked Fintech –
- Customers can take a variety of advantages provided by banked fintech.
- These include lower costs, quicker and more convenient transactions, and access to a larger selection of financial goods and services.
- Customers can gain from a higher level of security and confidence compared to other Fintech solutions.
- Banked Fintech leverage the resources and expertise of traditional banks.
Who Is Bank Of America?
- One of the biggest banks in the country is Bank of America.
- Its main office is located in Charlotte, North Carolina, where it was established in 1904.
- The bank offers a broad range of financial services, such as commercial banking, investment and asset management, and personal and business banking.
- With thousands of branches and ATMs spread out over the nation, as well as a strong online and mobile banking infrastructure.
- It has a substantial presence in the United States.
- Checking and savings accounts, credit cards, mortgages, loans, and investment opportunities are some of the services provided.
- Additionally, it offers wealth management services like retirement planning and investment guidance.
- The bank also enjoys a solid reputation for its CSR programs, which emphasized sustainability, community development, as well as philanthropy.
Who Is Edenred Capital Partners?
- Edenred Capital Partners is a Private equity company in France.
- With a focus on employee benefits, expenditure management, as well as payment solutions.
- The company invests in growth-stage businesses in the B2B services industry.
- Edenred Capital Partners. is a subsidiary of the 2013-founded Edenred, a leading provider of employee benefit solutions.
- Edenred Capital Partners makes use of its vast network of resources and knowledge in the B2B services industry for expansion.
- The company collaborates closely with the companies in is portfolio.
- This is to promote their growth through strategic endeavors, operational enhancements, and also financial investments.
us 20m seriescoldeweytechcrunch- Edenred Capital Partners is well known for its dedication to investing in high-growth businesses. Also known for its experience in guiding its portfolio firms to success. With a focus on cost management, employee benefits, and also payment solutions. The company continues in driving development and success in these dynamic and quickly-expanding sectors.
Banked raises $20M Series A led by Bank of America and Edenred for US expansion
Banked provides alternatives to card programs. Customers can make payments without submitting their financial information. Without having to open an account, without sharing their financial information, with biometric authorization, the merchant receives the money right away. us 20m seriescoldeweytechcrunch
Businesses utilize it to encourage consumer involvement and loyalty by integrating incentives and prizes into the payment process. Additionally, it asserts that its fees are up to 90% less expensive than those of conventional payment methods. The London-based fintech company raised £2.35 million in early funding back in 2020.
A $20 million Series A investment round led by Bank of America and Edenred Capital Partners has already been completed. These new investors will help the business with its intended US development. Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital, as well as Paul Forster, who had previously invested, also took part this time. Huey Lin, Sidekick, and 9Yards are a few recent investors. This indicates that Banked has received more than $30 million in investments overall.
According to data by Allied Market Research, the market for account-to-account payments is expanding and is expected to reach $43 billion in Europe by 2026. Bank Of America is happy to be a lead investor in Banked and has already shown it can create innovative e-commerce solutions. Banked competes with TrueLayer, Trustly, and Volt to some extent, but it offers more of an end-to-end experience rather than just rails and infrastructure.
Benefits To The Customers –
- “We are building a branded network for the benefit of all merchants and consumers,” says Banked CEO.
- Merchants who work with us benefit from being part of the ecosystem.
- For example, a more seamless checkout, customer awareness, and comfort with the payment method are provided.
- Along with all the obvious benefits for much cheaper payments, lower fraud, instant refunds, etc.”
Who Is Coldewey?
Located in Seattle, Devin Coldewey is a writer and photographer. In 2007, he started contributing to TechCrunch. In addition, he has contributed to DPReview, The Economist/Look GE’s Ahead, MSNBC.com, NBC News, and other publications.
Devin has previously written for MSNBC.com, NBC News, DPReview, and other publications. He has also made appearances on radio, television, and in print. Devin presently writes for TechCrunch, where he covers a variety of issues in technology, science, and space.