Leading global Pay by Bank provider, Banked has acquired Australian payment technology firm, Waave, as global adoption of real-time account-to-account payments continues to grow.
The acquisition of Waave demonstrates Banked’s commitment to deliver on its vision to create a global Pay by Bank network, leveraging its expertise and technology to capture growing demand in new markets.
The deal follows Banked’s recent entry into the Australian market in partnership with NAB and positions the company at the forefront of Australia’s Pay by Bank market with a strategic partnership with Chemist Warehouse to deliver a world-class Pay by Bank experience.
Chemist Warehouse has plans to activate a seamless and secure Pay by Bank solution in its online and in-store operations in early 2025. The 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.
With Walmart launching Pay by Bank in the US in 2025 and Visa recently announcing its account-to-account payments strategy in Europe and the UK, the acquisition signals Banked’s commitment to being a global leader.
Chemist Warehouse founder and CEO, Jack Gance said, “We’re excited to see Waave join forces with Banked and we’re thrilled to be at the forefront of this payment revolution. For a business like ours, where cost and consumer choice are important, the ability to reduce transaction fees with a secure, real-time payment option is game-changing.
“I believe it is an important responsibility to our customers to ensure that the best user experience is developed for this new technology and we look forward to working with Banked as they continue to expand this innovative product in the Australian market.”
Banked CEO, Brad Goodall highlighted the strategic importance of the acquisition: “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.
“By acquiring Waave’s Pay by Bank solution and integrating its product’s strengths with our own best-in-class product, we’ll gain access to the great brands already benefiting from their innovative payment technology. We’re excited to welcome Waave to the Banked group and continue driving the adoption of real-time payment solutions across Australia and beyond.”
Waave CEO and co-founder, Ben Zyl added, “This is a milestone moment for Pay by Bank in Australia. We share Banked’s commitment to bring payments out of the dark ages and create a globally accessible payments network that is good for everybody. We’re immensely proud of what our team has built and look forward to becoming an expanded team alongside Banked to lead payments innovation in this country.”