16. Banked

Check out Banked, the next-gen payment network that’s speeding up the buying process for shoppers and sellers.

About the Startups 100

Now in its 16th year, the Startups 100 is the definitive list of the most promising new UK businesses. There's no fee for entry or for inclusion in our index. The Startups team of new business experts judge all our top 100 entrants in collaboration with specialist industry consultants. We also work with distinguished entrepreneurs as guest judges to decide our Startups 100 category award winners.

See our guide to this year's hottest new businesses and most innovative founders in the complete 2024 Startups 100 index.

Founders: Brad Goodall
Year founded: 2018
Website: banked.com

Whoever coined the phrase ‘patience is a virtue’ has clearly never done internet shopping. In the age of the smartphone. We want it all on-demand and on the go. So why, when you can order a taxi in two taps, is the online checkout process still slower than an old-school cashier?

Finding a faster way to settle up is the ultimate mission statement of our sixteenth top startup, Banked. The checkout challenger allows customers to pay for a product in a single interaction. By avoiding the need for bank details, the process is dramatically accelerated for consumers, while merchants can enjoy a healthy conversion rate boost.

Businesses build the Banked product suite directly into their payment gateway. Banked will then use a combination of biometric security, QR codes, and SMS messages to authorise payments made through the service, permitting users to pay off their bill with a personalised verification method like a pin, fingerprint, or face ID.

Banked uses a combination of biometric security, QR codes, and SMS messages to authorise secure payments

As a result, shoppers don’t have to worry about sharing any sensitive financial information. Time-consuming tasks like creating a login, or entering a bank account number – both of which can cause customers to leave a full cart behind – are also scrapped.

Trust is a big thing for fintechs to earn, and Banked’s enhanced encryption method seems to have won over sellers.

It claims its product suite leads to 96% lower fraud cases, while its ability to deliver instant refunds results in zero chargebacks for merchants.

Banked has so far raised £35m in Series A funding in rounds led by Bank of America and Insight Partners.

The startup has banked itself a fair amount of dough since it launched in 2018. Having dodged the fintech funding drought last year, Banked has so far raised £35m in Series A funding in rounds led by Bank of America and Insight Partners.

And, carving out some impressive partnerships with Tier 1 banks, Banked has already made significant inroads to establish itself as a must-have product for today’s mobile consumer.

Banked’s unique account-to-account solution means its customers will be laughing all the way past the bank this year. We’re thrilled to welcome it to the Startups 100 Index as our top-rated fintech for 2024.

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