UK fintech funding round-up: Banked, Boodil and AGAM
This week’s handy Friday funding round-up includes three UK-based fintech start-ups – Banked, Boodil and AGAM.
London-based fintech firm Banked has raised over $15 million in a Series A extension round, led by Insight Partners.
Banked raises more than $15m in new funding
Also participating in the round were Citi, National Australia Bank Ventures and Rapyd.
The latest funding brings the total capital raised by Banked to date to over $50 million, and the start-up aims to deploy the fresh funds towards its expansion into new geographies, with a focus on the US.
Founded in 2018, Banked provides an alternative to card payment methods via Pay by Bank, and employs nearly 100 people.
“Unlike other mainstream global payment methods, users do not need to create an account or pass any login information to Banked – they simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the purchase,” Banked says.
It claims total checkout time for a first-time user is under 30 seconds with costs “significantly lower” for merchants with transactions taking place in real time and settled instantly.
Manchester-based open banking payments app Boodil has secured £525,000 in pre-seed funding, with the investment coming from angels and business leaders.
Boodil raises funds
Founded this year, Boodil offers an alternative payment solution by enabling users to checkout “seamlessly and safely” from within their own banking app.
“This not only saves businesses significant fees but also reduces the risk of fraud and chargebacks while settling their funds instantly,” Boodil says.
Boodil also offers customers points on their purchases, which can be redeemed for rewards and prize draws.
The start-up aims to launch the cardless payment method in Q4 2022, and the fresh capital will be used to develop the company’s proposition and hit the market this year.
UK-based fintech firm AGAM, which focuses on lending for individuals and businesses, has raised an undisclosed sum in its latest funding round.
AGAM lands fresh funding
The round saw participation from the Development Bank of Wales. AGAM is an alumnus of the UK Department for International Trade’s Global Entrepreneur Programme, FinTech Wales Foundry Accelerator programme and Invest UK.
With the new funding, AGAM says it is looking to scale its operations in other markets, including Bangladesh and India.
The firm has undertaken a pilot of its digital nano loans service platform – PrimeAgrim – in Bangladesh with Prime Bank, one of the country’s leading private and commercial banks. The aim is to provide “smarter” access to finance through artificial intelligence (AI).
“This funding will enable us to accelerate our mission, both in terms of developing the technology which underpins the platform, facilitating new commercial partnerships, and by entering new markets following the successful deployment in Bangladesh,” says AGAM founder and CEO Shabnam Wazed.
