Banked has acquired UK-based consumer payments app VibePay to accelerate the adoption of Pay by Bank, specifically looking to improve merchant targeting and offer better customer incentives.
The deal aims to close a major gap in the market by addressing the limited rewards available to debit card users. Banked plans to introduce personalised incentives, cashback and exclusive offers for every Pay by Bank transaction made through the VibePay app.
A second key focus is empowering merchants. Ben Goodall, CEO of Banked, said that providing deeper data insights will “drive Pay by Bank adoption” and unlock “acquisition and retention like never before.”
At the heart of this strategy is VibePay’s new AI-powered insights and buyer recommendation engine, described as an “Open Banking first.”
Launching initially in the UK, the engine will enable merchants to target verified Pay by Bank users via VibePay’s channels, delivering personalised messages and offers designed to boost sales, increase basket sizes and bolster brand-to-consumer relationships.
For VibePay, the acquisition opens the door to global expansion, with Banked already operating in the UK, EU, US and Australia.
Luke Massie, Founder of VibePay, commented: “This is an incredibly exciting new chapter for VibePay and our community. 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.”
The acquisition is currently pending FCA approval. Once completed, Banked and VibePay plan to expand the new offering to a global network of distribution partners, merchants and consumers.
Board room changes
As part of the agreement, both Steven Smith, Director at Candy Ventures, and VibePay’s Massie will join the board of Banked.
Candy Ventures, a long-standing backer of VibePay, played a key role in supporting the acquisition. Its Founder, Nick Candy, expressed enthusiasm about the partnership, describing it as a significant moment for the UK tech industry.
“I’ve been a strong supporter of VibePay,” Candy 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.”
He added that bringing two British companies together with a shared global ambition marks a major step forward. This sentiment may be well received by the likes of Prime Minister Keir Starmer, who is on a mission to revitalise the economy with financial services and technology playing a key role in these ambitions.
Goodall concluded: “I couldn’t be more excited to have Luke and the team joining Banked to create the best Pay by Bank experience in the world and accelerate market adoption for our banking technology partners, merchants, and consumers.”
