Lancashire-headquartered consumer payments app VibePay has been acquired by Bank of America-backed global pay-by-bank (PBB) platform Banked.
The deal aims to accelerate global pay-by-bank adoption through consumer and merchant incentives and was supported by VibePay’s long-time supporter and investor, Candy Ventures, founded by UK entrepreneur and businessman Nick Candy.
Founded by Preston entrepreneur Luke Massie, VibePay, based in Lancaster, connects people, brands, sellers and banks with real time messaging and instant payments.
Like Cash App and Venmo in the US, the company has gained a loyal Gen Z and Millennial following, pioneering ‘conversational commerce’ through a blend of personalised offers, peer-to-peer payments and financial insights.
Banked’s acquisition of VibePay will address a gap in the market by rewarding debit users who have been overlooked in traditional credit card ecosystems.
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The partnership will bring together Banked’s seamless payment infrastructure platform with VibePay’s next-generation consumer experiences and merchant insights tooling.
Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback, and exclusive offers with every pay-by-bank transaction in the VibePay app – delivering tangible value with every spend.
VibePay’s AI-powered insights and buyer recommendation engine – an industry first in Open Banking – was another key driver behind the acquisition.
Initially focused on the UK, this will allow Banked’s partners and merchants to target verified PBB users through VibePay’s channels, delivering tailored offers and messages that drive sales, increase basket sizes, and boost engagement, bringing brands and consumers closer than ever.
Luke Massie, founder and chief executive of VibePay, said: “This is an incredibly exciting new chapter for VibePay and our community.
“We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences.
“By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”
Luke and Steven Smith, directors of Candy Ventures, will both join the Banked board at the completion of the acquisition, which is currently awaiting FCA approval.
Candy Ventures founder, Nick Candy, said: “I’ve been a strong supporter of VibePay, and I’m excited about the future with Banked.
“The global vision of the Banked founders is truly inspiring, and I see immense potential in the combined vision for the next generation of payments.
“This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition. I’m proud to be a part of this journey and am eager to champion this story both in the UK and internationally.”
Brad Goodall, chief executive of Banked, added: “Banked’s pioneering global infrastructure has made us a leading Pay by Bank provider alongside our distribution partners and merchants.
“But the real value in Pay by Bank goes beyond cheap and secure payments; it’s in making spending work for everyone.
“The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives – on par with credit cards – and empower merchants with deep data insights to drive acquisition and retention like never before.
“I couldn’t be more excited to have Luke and the team joining Banked to create the best Pay by Bank experience in the world and accelerate market adoption for our banking technology partners, merchants, and consumers.”
This is the second acquisition Banked has made in the last 12 months after acquiring Australian PBB provider, Waave, in October 2024, further strengthening its presence across the UK, EU, US, and Australia.
Most recently, Banked partnered with National Australia Bank to launch PBB for Amazon.com.au customers in Australia.
Once launched in the UK, Banked and VibePay will begin market expansion of the technology to a global audience of distribution partners, merchants and consumers.
With operations across the UK, Europe, US, and Australia, Banked is backed by strategic investors and partners including Bank of America, NAB, FIS, and Citi.
