London fintech Banked acquired by Australia’s top business lender

National Australia Bank (NAB) — Australia’s largest business lender — completed the acquisition of London-based fintech Banked on May 14, 2026. No purchase price was disclosed.

What Banked Does

Banked operates a global Pay by Bank (account-to-account payments) platform that lets consumers pay merchants directly from their bank account, bypassing card networks entirely. The model is faster and cheaper for merchants than traditional card rails, and it’s live in the US, UK, Europe, and Australia.

The NAB-Banked Relationship

This wasn’t a cold acquisition. NAB had been building toward this for years:

• NAB Ventures invested in Banked across three rounds in 2022, 2023, and 2024, holding a minority stake

• NAB has deployed Banked’s technology for its business customers since 2024

• The two firms previously partnered to launch PayTo-enabled Pay by Bank for Amazon.com.au and Plenti customers

Strategic Rationale

NAB’s Group Executive for Transformation, Shane Conway, framed it around Australia’s payments shift: “Pay by Bank is part of a broader shift in Australia’s payments landscape toward real-time, account-to-account options that sit alongside cards and digital wallets.”

For NAB, the deal accelerates its A2A and real-time payments capabilities for business customers — a segment where it dominates — by bringing the underlying technology in-house rather than licensing it.

What’s Next

Banked will operate as a wholly owned NAB subsidiary in the near term, with plans to integrate into NAB’s technology environment over the coming months. Banked CEO Brad Goodall said NAB’s backing will allow the platform to “reach more customers” — suggesting the global footprint (US, UK, Europe) remains part of the plan rather than being wound down.

Broader Significance

This is a notable cross-border move in open banking payments infrastructure. NAB is essentially betting that account-to-account payments will materially displace card transactions for merchants — a thesis that’s further along in the UK/EU than in Australia. Bringing Banked in-house gives NAB a proprietary wedge as Australia’s New Payments Platform (NPP) and PayTo rails mature.