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Banked buys open banking paytech Waave to drive Pay by Bank solution in Australia

  • Banked, a UK-based fintech, has acquired Waave, a Sydney-based open banking paytech company.
  • The acquisition is aimed at strengthening Banked’s presence in Australia.
  • A key factor in the acquisition was Waave’s existing partnership with Chemist Warehouse, a leading Australian retail pharmacy group.
  • Waave was founded in 2022 and specializes in real-time Pay by Bank payment solutions for businesses and consumers.
  • Chemist Warehouse has over 500 branches and is working with Waave to implement a Pay by Bank solution across its online and in-store operations, set for completion in early 2025.
  • Other retailers, such as Walmart (US) and Visa (UK), are also exploring Pay by Bank solutions.
  • Banked provides account-to-account payment infrastructure, with Pay by Bank services live in the US, Europe, and Australia.
  • In May 2023, Banked partnered with National Australia Bank (NAB), enabling Pay by Bank services through PayTo in collaboration with Australian Payments Plus.
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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