{"id":281781,"date":"2025-04-14T16:05:05","date_gmt":"2025-04-14T16:05:05","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/14\/reform-uk-treasurer-candy-sweet-on-merger-of-payments-firms\/"},"modified":"2025-04-14T16:05:05","modified_gmt":"2025-04-14T16:05:05","slug":"reform-uk-treasurer-candy-sweet-on-merger-of-payments-firms","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/14\/reform-uk-treasurer-candy-sweet-on-merger-of-payments-firms\/","title":{"rendered":"Reform UK treasurer Candy sweet on merger of payments firms"},"content":{"rendered":"
\"Reform<\/div>\n
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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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

One source said the deal would value the enlarged company at in excess of $100m.<\/p>\n

As part of the transaction, the VibePay founder, Luke Massie, and Candy Ventures director Steven Smith will join the board of Banked.<\/p>\n

VibePay specialises in ‘conversational commerce’, providing personalised offers and peer-to-peer payments to its users, connecting them to brands, sellers and banks.<\/p>\n

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.<\/p>\n

Banked counts global financial giants including Bank of America, Citi, FIS and NAB among its strategic investors and partners.<\/p>\n

It has previously raised more than $60m in funding, while VibePay has raised over $10m from its backers.<\/p>\n

The deal is understood to be awaiting approval from the City regulator.<\/p>\n

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.<\/p>\n

“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.<\/p>\n

“This is a positive moment for the UK technology sector, with two British companies coming together to drive forward a global ambition.<\/p>\n

“I’m proud to be a part of this journey and am eager to champion this story both in the UK and internationally.”<\/p>\n

Mr Massie added: “We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences.<\/p>\n

“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.”<\/p>\n

<\/p>\n

<\/a><\/p>\n

Read more from Sky News:
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Virtual coaching platform has right Mindset for multimillion-pound fundraising<\/a><\/strong><\/p>\n

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.<\/p>\n

“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.<\/p>\n

“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.<\/p>\n

The companies declined to comment formally on the value of the acquisition or the valuation of the combined entity.<\/p>\n<\/p><\/div>\n


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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’ […]<\/p>\n","protected":false},"author":2,"featured_media":281782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/e3.365dm.com\/24\/12\/1920x1080\/skynews-reform-nigel-farage_6772237.jpg?20241210120824","fifu_image_alt":"","footnotes":""},"categories":[603],"tags":[51051,1966,4168,672,1793,5284,107032],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/281781"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=281781"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/281781\/revisions"}],"predecessor-version":[{"id":281783,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/281781\/revisions\/281783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/281782"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=281781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=281781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=281781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}