BofA to Offer Card-Free Online Purchases After Banked Investment
- U.S. lender heads $20 million investment in U.K. startup
- Banked enables online payment direct from mobile banking apps
This article is for subscribers only.
Bank of America Corp. has led a $20 million funding round into U.K. startup Banked Ltd., a tie up that will give customers of e-commerce companies in the U.K. the option to make card-free purchases.
The U.S. lender is teaming up with the fintech to offer a ‘Pay by Bank’ solution that will enable users to pay online directly via their bank accounts, streamlining the checkout process and reducing the amount of customer data that vendors need to store. It will also avoid card processing fees.