Financial data start-up Banked has secured £1.5 million seed funding from lead investor Backed VC.

Launched in November, the FinTech company also has plans to close a significant seed raise for the UK market, underlining its potential to transform the way businesses and individuals use financial data.

The company’s tools help banks make financial data more accessible, while also allowing developers to quickly integrate it into better, more personalised products and put individuals in control of their data and financial lives.

The service connects users’ bank account data to third party applications, letting them make informed decisions and direct payments. Services include spending analysis, bank account connections, balance income & verification and low-cost payments.

The young firm was co-founded by CEO Brad Goodall, an Australian entrepreneur who moved to London in 2014. He spent time working with the teams who created Level39, Innovate Finance and Plexal before co-founding 10x Future Technologies with ex-Barclays CEO Antony Jenkins.

Banked’s first product will be available in Q1 2019, with a Beta product currently up and running with test clients.

“We started Banked because there is an opportunity for consumers to engage with their financial lives in more meaningful ways, that can lead to better financial health, greater awareness and more intuitive user experience,” said Goodall.

“We believe banks should leave customer experience to those nimble enough to meet changing consumer demands and instead embrace developing an ecosystem that allows banks to play to their strengths as dependable custodians of people’s money.

“The now global open banking movement makes it possible for Banked to work with banks, product developers and consumers to use data securely, enriching user experience whilst maintaining privacy and control for the customer.”

Backed VC founder Andre De Haes said: “We are delighted to be the lead investor in Banked – a platform that we believe will transform the way people think about and use their financial data.

“What set Banked apart in our eyes, was the combination of a team of serial entrepreneurs, connected minds and a truly killer concept.”