Banked, a global Pay by Bank solution provider, has acquired Australian paytech firm Waave for a sum undisclosed.
Describing Australia as a key market for the business, Banked said it is now working with leading banks and merchants in the country to build out its Pay by Bank solution for local businesses and consumers. It has already established a partnership with Chemist Warehouse, one of Australia’s largest retailers, with plans to activate the Pay by Bank solution by early 2025 online and in its stores.
The deal follows Banked’s recent entry into the Australian market in partnership with NAB, with the pair teaming up to deliver an innovative Pay by bank solution and accelerate the adoption of account-to-account payments for Australian merchants.
Brad Goodall, CEO of Banked, highlighted the strategic importance of the acquisition: “Acquiring Waave is a major step forward in our mission to expand our global payments network.
“Australia is a key market for us, and Waave’s technology and market presence align perfectly with our vision. By acquiring Waave’s Pay by Bank solution and integrating its product’s strengths with our own best-in-class product, we’ll gain access to the great brands already benefiting from their innovative payment technology.”
Founded in 2022 and headquartered in Sydney, Waave operates a real-time payments technology platform, providing account-to-account payment capabilities securely and intuitively with a single solution.
