We have been bullish on the potential for open banking and the power of tech to radically improve financial services for over a decade. In November 2019, we met Karl, Damien, Adam, and Nick and were hugely impressed by their sector expertise and vision to drastically improve payment solutions for merchants and consumers, resulting in us leading their pre-seed round in November 2019. Fast forward under two years and we are excited to see the impressive growth, both in terms of major customers now using Vyne for their payments solutions, as well as this round – the UK’s largest open banking seed round – attracting the likes of Hearst Ventures, Entrée Capital, TriplepointVenrex, Founder Collective and Partech alongside angel investment from Alex Chesterman, founder of Zoopla and CEO of Cazoo, Charlie Dellingpole, CEO and founder of ComplyAdvantage, and Will Neale founder of Grabyo.
Vyne’s solution enables both merchants and consumers to have more direct, secure, and faster payments. By transforming the checkout experience, payments can be completed by consumers through their own banking app and merchants can engage customers through more digital channels such as through QR codes and pay-by-link, which can be sent by email, SMS or in person. Vyne has already completed some considerable use cases such as collaborating with Kinetic, to allow two million students to pay their rent in three clicks, as well as integrating with RemitOne, the leading technology and business services firm for the remittance world. “As leading payments experts, Vyne are the perfect team to capitalise on the new opportunities for innovation brought about by open banking,” Managing Partner Reshma Sohoni states, “Upon first meeting the team we really bought into their vision of delivering a frictionless, more secure end-to-end payments experience for consumers – all while saving merchants money. We’ve been enormously excited by their commercial progress to date and believe Vyne has the opportunity to become a global payments giant.”
Karl MacGregor, CEO at Vyne, comments: “At its heart, Vyne was founded with the simple vision of perfecting payments for businesses and consumers alike. This seed round will further propel Vyne on its mission to make account-to-account payments the best way to pay and get paid around the world. The calibre of investment we have received is testament to not only the team’s hard work to date but also the opportunity open banking presents to overhaul the traditional banking and payment infrastructure that merchants and consumers have been beholden to for decades.” The $15.5 million investment elevates Vyne’s ambitious growth trajectory by enabling them to attack the global opportunity, increase international coverage and bring new use cases to market, forging the path to a future of account-to-account payments.