Lancashire-based payment app snapped up by global company - this is how it could benefit you
A Lancashire-headquartered payments app has been acquired by global 'pay by bank' platform Banked.
VibePay was established by Preston entrepreneur Luke Massie, and is now based in Lancaster. The company connects people, brands, sellers and banks with real time messaging and instant payments.
The acquisition was supported by VibePay's long-time supporter and investor, Candy Ventures, founded by UK entrepreneur and businessman Nick Candy. It aims to address a gap in the market by rewarding debit users who have been overlooked in traditional credit card ecosystems.
In 2023, the UK debit payments make up 86 per cent of card payments, but the people who make those payments receive less than two per cent of the rewards.
Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback, and exclusive offers with every Pay by Bank transaction in the VibePay app.
Luke Massie said: "This is an incredibly exciting new chapter for VibePay and our community. 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."
Nick Candy
Luke and Steven Smith, director of Candy Ventures, will both join the Banked board at the completion of the acquisition. The deal is awaiting FCA approval.
Nick Candy added: "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."
Brad Goodall, chief executive of Banked, said: "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.
"I couldn’t be more excited to have Luke and the team joining Banked to create the best Pay by Bank experience in the world and accelerate market adoption for our banking technology partners, merchants, and consumers."