UK's Banked Acquires Sydney Fintech Waave for Pay By Bank Boost
Sydney fintech Waave, which delivers account-to-account payments or Pay By Bank, has been acquired by UK based Banked : . Waave raised Au $4.7 million in a seed round a year ago. In account-to-account transactions money is transferred directly between two bank accounts without using a Visa or Mastercard rails and Waave's is one of the first payment solutions that uses Open Banking for both businesses and consumers. Waave charges a flat fee per transaction, making it up to 80% cheaper than Visa or Mastercard. Waave already works with works with cashback solution ShopBack and retailers Harris Farm Markets, Temple & Webster, Baby Bunting and Princess Polly with other retailers implementing Waave including Oz Hair and Beauty, Mr Vitamins, PUSHAS and Chemist Warehouse.
