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.