Banked CEO for open banking and interruption of payments

The latest UKTN Podcast has been released now. This week’s guest is Brad Goodall, co-founder and CEO of fintech company Banked.

Founded in 2018, Banked provides software that allows users to make payments without entering bank details.

The London-based company provides an open banking infrastructure that connects commercial banks and consumer banks, allowing customers to pay via link, SMS or QR code.

“We have a lot of ambition,” Goodall told UKTN Podcast host Mark McDonagh. “We are trying to eliminate the flow of payments from traditional rails, whether they are credit card rails or manual bank transfers.”

During the show, Goodall explained where the idea for Banked came from, shared his views on open banking and hiring talent.

Prior to Banked, Goodall was involved in several ventures, including the “non-sexy end of fintech” with consolidated financial planning reporting.

He also tried a not-so-successful T-shirt printing business with a friend: “I don’t think anyone bought a T-shirt from us, so he obviously didn’t go anywhere.”

But his experience in starting and scaling inspired a fast-growing business.

Banked, which raised nearly £ 19 million in funding – including £ 15 million in Serie A in February – and has plans to expand into the US later this year.

Elsewhere in the UKTN Podcast, the head of Banked explains how open banking can help reduce fraud.

“In the case of open bank payment, you will have to steal someone’s mobile phone, then you will have to steal access to a mobile phone and then access to their mobile banking application,” says Goodall.

“And so the barriers to creating this scam are so high – because of things like biometric technology and some of the things that are built into mobile phone operating systems – that the scam is greatly reduced for the consumer.

Goodall also talks about working and getting investments with banks like Bank of America.

“We believe that actors are a big part of our network,” says Goodall.

You can listen to all this and more in the latest episode of the UKTN Podcast and watch all the previous episodes here.

Don’t forget to subscribe to the Spotify UKTN Podcast, Apple Podcasts or wherever you catch your favorite podcasts.

The UKTN podcast is sponsored by No coverwhich provides investments without a share capital of £ 10,000 to £ 5 million to founders and companies that are changing the world.