Observed Signal · Jan 28, 2025 · M&A - Completed · Source: Tech.eu · Impact: 2/5 · Sentiment: Negative
Payments fintech Vyne to shut down in UK
UK-based account-to-account payments fintech Vyne is winding down its operations in the UK, effective April 22, 2025. The decision follows Vyne's acquisition by Dubai-headquartered open banking platform Tarabut in September 2024. In a statement, Vyne said the move is part of a broader global strategy by its new shareholders to focus on markets where its technology can have the most impact. According to PitchBook, Vyne employs 46 people in the UK, though the company declined to comment on potential job losses. Vyne helps merchants build open banking-based payment services, offering an alternative to card payments. The company previously raised a $15.5 million seed round in 2021 with backing from investors including Hearst Ventures, Entrée Capital, and Seedcamp. Its partners include BigCommerce, Magento, and Pinewood. The closure highlights consolidation in the open banking payments sector.
Vyne's UK shutdown signals consolidation in the open banking payments space, impacting merchants relying on its technology.
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Key Takeaways & Evidence Grounding
- Vyne will cease UK operations on April 22, 2025.
- Vyne was acquired by Tarabut in September 2024.
- The wind down is part of Tarabut's global strategy to focus on Middle East markets.
- Vyne has 46 employees in the UK according to PitchBook.
- Vyne raised a $15.5M seed round in 2021 backed by Hearst Ventures, Entrée Capital, and others.
Connected Companies & Entities
7 Entities mapped“According to PitchBook, Vyne... has 46 employees in the UK....”
“backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech...”
“backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech...”
“backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech...”
“backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech...”
“its partners include BigCommerce, Magento and pinewood....”
“backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech...”
Ontology Mapping & Concepts
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