Reform UK treasurer Candy sweet on merger of payments firms
A payments company backed by Nick Candy, the Reform UK treasurer, will this week announce a tie-up with a London-based peer amid a rapidly shifting industry landscape.
Sky News has learnt that VibePay, in which Candy Ventures is the largest shareholder, has agreed a deal to sell itself to Banked, a so-called 'pay by bank' platform.
The all-share deal, which is expected to be announced on Tuesday, will see Mr Candy's investment vehicle holding a stake of roughly 25% in the combined group, according to insiders.
One source said the deal would value the enlarged company at in excess of $100m.
As part of the transaction, the VibePay founder, Luke Massie, and Candy Ventures director Steven Smith will join the board of Banked.
VibePay specialises in 'conversational commerce', providing personalised offers and peer-to-peer payments to its users, connecting them to brands, sellers and banks.
People close to the deal said that the takeover would help address a market opportunity by rewarding debit customers who have been overlooked by credit card operators, with debit card payments making up nearly 90% of all UK card payments but representing just a tiny fraction of payment rewards.
Banked counts global financial giants including Bank of America, Citi, FIS and NAB among its strategic investors and partners.
It has previously raised more than $60m in funding, while VibePay has raised over $10m from its backers.
The deal is understood to be awaiting approval from the City regulator.
In response to an enquiry from Sky News, Mr 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.
"This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition.
"I'm proud to be a part of this journey and am eager to champion this story both in the UK and internationally."
Mr Massie added: "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."
Banked bought Waave, an Australian pay-by-bank provider, last October, strengthening its international presence, while it has a partnership with NAB - one of Australia's biggest lenders - to offer a service to Amazon customers in the country.
"The real value in Pay by Bank goes beyond cheap and secure payments; it's in making spending work for everyone," said Brad Goodall, Banked's chief executive.
"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.
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