Banked, a prominent UK-based payment firm, has announced its acquisition of Australian payment tech company Waave, marking a significant step in its global expansion.
- In an all-share deal valued at millions, this acquisition exemplifies Banked’s strategic push to extend its footprint across key markets including Australia and the US.
- CEO Brad Goodall is urging major brands in the US to embrace account-to-account (A2A) payments, noting a cultural shift towards this system.
- The recent partnership with retail giant Walmart has highlighted the increasing relevance of A2A payments in major consumer markets.
- The integration with Australian firm Waave facilitates collaboration with leading retailer Chemist Warehouse, enhancing payment options for customers.
In a remarkable announcement, Banked, a UK-based payment specialist, has acquired Australian payment technology firm Waave in an all-share transaction valued at millions. This move underscores Banked’s ambition to amplify its presence within burgeoning global markets. CEO Brad Goodall commented on this strategic acquisition, emphasising its potential to bolster Banked’s operations and service offerings in new territories.
The acquisition aligns with Banked’s initiative to encourage US-based major brands to support account-to-account (A2A) payments. Brad Goodall articulated that the momentum for A2A payments in the US is on the rise, especially following Walmart’s decision to offer pay-by-bank options. Goodall asserts that for A2A payments to gain mainstream traction, backing from prominent brands is essential, given the distinct commercial environment in the US compared to the UK.
Goodall highlighted the significance of the Walmart partnership, describing it as pivotal in popularising pay-by-bank alternatives. He stated, “If we are going to start to see account-to-account payments become mainstream, it really does need the backing of big brands where customers are going to see it regularly.” The popularity of systems like Brazil’s Pix and India’s UPI further catalyse this payment method’s adoption.
This acquisition also paves the way for collaboration between Banked and Chemist Warehouse, a leading retail partner of Waave. Such collaborations are expected to broaden the accessibility of A2A payments to a wider consumer base in Australia, mirroring the success seen with other global merchants.
Goodall expounded on the strategic foresight of being operative in multiple regions, suggesting that while competition is fierce in Europe, the unified platform that Banked offers has positioned it advantageously across the UK, EU, US, and Australian markets. He noted, “The thing that we focused on is that we are live in the US, live in the UK, live in Europe, live in Australia, and we have a single platform.”
This acquisition and strategic push exemplify Banked’s intent to expand its global influence in the payment ecosystem.
