NAB snaps up fintech platform Banked in payments technology expansion
Synopsis
NAB has acquired fintech payments provider Banked as Australia’s banking sector accelerates investment into faster and lower-cost payment infrastructure.
National Australia Bank has acquired payments technology company Banked as the lender deepens its push into digital payment infrastructure. The financial terms of the transaction were not disclosed. NAB said the Banked group will initially operate as wholly owned subsidiaries before being fully integrated into the bank over the coming months.
Key highlights
- NAB acquires payments technology firm Banked
- Deal value was not disclosed
- Banked specialises in account-to-account payments
- NAB plans to fully integrate the platform in coming months
- NAB Ventures had invested in Banked since 2022
- Technology has already been used by NAB business customers
- Move strengthens NAB’s digital payments strategy
Focus on account-to-account payments
Banked specialises in account-to-account payment technology, allowing merchants to receive payments directly from a customer’s bank account.
The system is designed to reduce payment processing costs and speed up settlements compared with traditional card-based transactions.
The technology is increasingly attracting interest from banks and merchants seeking faster payment solutions.
NAB had already invested in Banked
NAB’s venture capital arm, NAB Ventures, had previously backed Banked through multiple funding rounds between 2022 and 2024.
The bank was also already using Banked’s technology for business customers from 2024 onwards.
That existing relationship appears to have paved the way for the full acquisition.
NAB says deal will simplify payments
Shane Conway said integrating Banked into NAB would help streamline payment services for customers.
“Bringing Banked into NAB will continue to make it easier for customers to connect with us and manage payments, reconciliation and settlement in one place,” Conway said.
NAB added that the acquisition supports broader efforts to improve payment efficiency and customer experience.
Growing competition in Australia’s payments sector
Australian banks and fintech firms have been increasing investment in digital payments infrastructure as businesses shift toward real-time and lower-cost transaction systems.
Account-to-account payments are viewed as an area with strong growth potential because they can reduce reliance on traditional card networks.
The acquisition also reflects growing consolidation across the fintech sector as major banks look to bring payment capabilities in-house.
What it means for Australia
The deal highlights how Australia’s banking sector is accelerating investment into payment technology and digital banking infrastructure.
For businesses, account-to-account payment systems could eventually help reduce transaction costs and improve settlement times.
The acquisition may also increase competitive pressure across Australia’s fintech and payments industry.
Now what?
NAB said it plans to fully integrate Banked into its operations in the coming months.
Investors and industry participants will likely monitor:
- Adoption of account-to-account payments
- Competition among banks and fintech firms
- Merchant demand for lower-cost payment systems
- Broader digital banking trends in Australia
The move could also encourage further acquisitions across the Australian fintech sector.
FAQs
Q1: What company has NAB acquired?
NAB has acquired payments technology company Banked.
Q2: What does Banked do?
Banked specialises in account-to-account payment technology for merchants and businesses.
Q3: Why is this important?
The acquisition strengthens NAB’s digital payments capabilities and supports faster payment systems.
Q4: Did NAB already work with Banked?
Yes. NAB had invested in Banked through NAB Ventures and had used its technology since 2024.
Q5: What does this mean for Australian businesses?
Businesses could benefit from faster settlements and potentially lower payment processing costs.
Follow Inspirepreneur Magazine for daily global business news.
I write about markets, money, and the macro forces that move them. Passionate about turning complex economic trends into sharp, easy-to-understand stories. Off the clock, it’s hip hop, rock, reggae -- and a mix of cricket and basketball.
