Global fintech Banked has acquired Australian payment technology firm Waave, in a bid to position itself at the forefront of Australia's Pay by Bank market. The acquisition is a strategic move that aligns with the growing demand from merchants for reduced payment fees and the global shift towards real-time payments.

Banked has established a strategic partnership with Chemist Warehouse, one of Australia's largest retailers, to deliver a Pay by Bank experience. Waave's work with Chemist Warehouse in developing a Pay by Bank solution was a key factor in the acquisition. The deal reinforces Banked's commitment to building a global Pay by Bank platform.

"We’re excited to see Waave join forces with Banked and we’re thrilled to be at the forefront of this payments revolution. For a business like ours, where cost and consumer choice is important, the ability to reduce transaction fees with a secure, real-time payment option is game-changing," said Founder and CEO of Chemist Warehouse, Jack Gance.

Banked recently entered the Australian market in partnership with NAB. Chemist Warehouse plans to activate a Pay by Bank solution in its online and in-store operations, launching in early 2025. The acquisition is aligned with the growing demand from merchants for reduced payment fees and the global shift towards real-time payments.

"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," said CEO of Banked, Brad Goodall.

Banked is working with leading banks and merchants to build the strongest Pay by Bank solution for local businesses and consumers. Banked delivers infrastructure to banks, financial technology platforms, and merchants to scale account-to-account payments globally. Waave is the real-time payments technology platform of choice for leading companies, providing account-to-account payment capabilities securely and intuitively with a single solution.

"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 are 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," said CEO and Co-founder of Waave, Ben Zyl.