London-based account-to-account payments provider Banked will deepen its early mover advantage in the Australian market through the acquisition of fintech Waave.

The deal comes shortly after Banked entered Australia through a partnership with NAB and gives the UK firm access to a major client in one of the country's largest retailers, Chemist Warehouse.

Brad Goodall, CEO, Banked, said: “Acquiring Waave is a major step forward in our mission to expand our global payments network. Australia is a key market for us, and Waave’s technology and market presence align perfectly with our vision.

“Australia is a key market for the business, and Banked is now working with leading banks and merchants to build the strongest Pay by Bank solution for local businesses and consumers. 

“One business now at the front of the queue due to its existing relationship with Waave is Chemist Warehouse, which has big plans to activate a seamless and secure Pay by Bank solution in its online and in-store operations, launching in early 2025.

“The innovative work Chemist Warehouse and Waave have been doing to develop a low-cost, secure, and engaging consumer experience for Pay by Bank was considered a critical factor in the acquisition strategy. 

“A leading merchant working directly with an exciting startup shaping how consumers use Pay by Bank both online and at the point of sale was seen by Banked as a compelling partnership. This supports how the business will continue to gain insights and develop the best PayTo product for merchants and consumers, ultimately aiming to win market share in the region.

“The timing of this deal is aligned with the growing demand from merchants for reduced payment fees and the global shift toward real-time payments.”