The latest UKTN Podcast is out now. This week’s guest is Brad Goodall, the co-founder and CEO of fintech company Banked.
Founded in 2018, Banked provides software that lets consumers make payments without entering bank details.
The London-headquartered company provides the open banking infrastructure that connects merchant banks and consumer banks, allowing customers to pay using a link, SMS message or QR code.
“We’ve got a very big ambition,” Goodall tells UKTN Podcast host Mark McDonagh. “We’re trying to take payment flow away from traditional rails, whether they be credit card rails, or manual bank transfers.”
During the show, Goodall explains where the idea for Banked came from, shares his views on open banking and hiring talent.
Prior to Banked, Goodall was involved in several ventures, including the “unsexy end of fintech” with consolidated reporting for financial planning.
He also tried a not-so-successful t-shirt printing business with a friend: “I don’t think a single person bought a t-shirt off us so that clearly didn’t go anywhere.”
But his experience working at startups and scaleups gave him a hunger for fast-growing businesses.
Banked, which has raised almost £19m in funding – including a £15m Series A in February – and has plans to expand to the US later this year.
Elsewhere on the UKTN Podcast, the Banked chief explains how open banking can help reduce fraud.
“In the case of an open banking payment, you would have to steal somebody’s mobile phone, then you’d have to steal access to the mobile phone, and then access to their mobile banking app,” says Goodall.
“And so the barriers to creating that fraud are so high – due to things like biometric technology and some of the things that are built into the operating systems of mobile phones – that the fraud is significantly reduced for the consumer.”
Goodall also talks about working with and receiving investment with the likes of Bank of America.
“We believe that incumbents are a big part of our network,” says Goodall.
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The UKTN Podcast is sponsored by Uncapped, which provides no-equity investments from £10,000 to £5m to the founders and companies who are changing the world.