Bank of America leads investment round in U.K. payments company Banked Ltd. and launches product

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Bank of America Corp. BAC, -1.04% said Monday it’s leading an investment round in Banked Ltd. and also teaming up with the company to offer payment services in the U.K. Bank of America said it led a $20 million Series A investment round in Banked Ltd., along with Edenred Capital Partners. Existing Banked Ltd. investors also participated including Acrew, Force Over Mass, Firestartr, OM2, Love Ventures Kuvi Capital and Indeed.com founder Paul Forster. New investors in Banked Ltd. include Sidekick, 9Yards and Huey Lin. The company plans to expand in the U.S. Bank of America announced the launch of its Pay by Bank services through its relationship with Banked Ltd. Bank of America’s Pay by Bank feature allows customers of e-commerce companies, initially in the UK, to pay directly from their bank account. “Pay by Bank transactions, which are based on the concept of open banking, take place in real-time and require no credit or debit card details,” the bank said. “This makes online checkout simpler, faster and more secure.” Faiz Ahmad, head of global transaction services at Bank of America, worked on the funding round for Banked Ltd.

This article was originally published by Marketwatch.com. Read the original article here.

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