- 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.
