Lancashire payments app agrees to be taken over by ‘Pay by Bank’ platform

Lancaster-based consumer payments app, VibePay, has been acquired by global ‘Pay by Bank’ platform Banked, for an undisclosed sum.

The deal aims to accelerate global ‘Pay by Bank’ adoption through innovative consumer and merchant incentives.

Founded in 2018 by former City trader and mobile payments veteran, Gary Prince and Preston entrepreneur Luke Massie, VibePay connects people, brands, sellers and banks with real time messaging and instant payments.

Like Cash App and Venmo in the US, the company has gained a loyal Gen Z and Millennial following, pioneering ‘conversational commerce’ through an innovative blend of personalised offers, peer-to-peer payments and financial insights.

The acquisition was supported by VibePay’s long-time supporter and investor, Candy Ventures, founded by entrepreneur and businessman, and Reform UK treasurer, Nick Candy.

Pay by bank refers to a payment method that allows customers to pay for goods or services directly from their bank account using their online banking app or website.

It avoids the need to enter card details or use wallets. Instead, customers are redirected to their bank’s platform to authorise the payment.

Banked’s acquisition of VibePay will address a gap in the market by rewarding debit users who have been overlooked in traditional credit card ecosystems.

The partnership will bring together Banked’s seamless payment infrastructure platform with Vibe Pay’s next generation consumer experiences and merchant insights tooling.

Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback, and exclusive offers with every Pay by Bank transaction in the VibePay app – delivering tangible value with every spend.

Luke Massie said: “This is an incredibly exciting new chapter for VibePay and our community.

“We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences.

“By joining forces with Banked, we now have the infrastructure, global reach, and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”

Luke and Steven Smith, director of Candy Ventures, will both join the Banked board at the completion of the acquisition. The deal is awaiting FCA approval.

Nick Candy said: “I’ve been a strong supporter of VibePay, and I’m excited about the future with Banked.

“The global vision of the Banked founders is truly inspiring, and I see immense potential in the combined vision for the next generation of payments.”

Brad Goodall, chief executive of Banked, said: “Banked’s pioneering global infrastructure has made us a leading Pay by Bank provider alongside our distribution partners and merchants. But the real value in Pay by Bank goes beyond cheap and secure payments – it’s in making spending work for everyone.

“The combination of Banked and VibePay will drive Pay by Bank adoption through innovative consumer incentives – on par with credit cards – and empower merchants with deep data insights to drive acquisition and retention like never before.”

This is the second acquisition Banked has made in the past 12 months after acquiring Australian Pay by Bank provider, Waave, in October 2024, further strengthening its presence across the UK, EU, US, and Australia.

Most recently, Banked partnered with National Australia Bank to launch Pay by Bank for Amazon.com.au customers in Australia.