Vyne, an open banking firm in the payments sector, is claiming the title as the largest seed funding valuation for any UK open banking contender to date.
Vyne says it is currently processing millions of pounds worth of transactions each month at a growth rate of 95% month over month.
Today, Vyne is reporting a $15.5 million seed round backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, 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 says that there is a global movement towards real-time, seamless payments fuelling challengers like Vyne. The $15.5 million investment will aid the company’s growth trajectory by enabling them to increase international coverage.
Vyne’s service is designed to enable direct, secure, and faster payments for merchants and consumers alike. By transforming the checkout experience payments can be “completed by consumers in three clicks and merchants can engage customers through more digital channels such as QR codes and pay-by-link, which can be sent by email, SMS or in person.” Vyne uses open banking to power account-to-account payments for online businesses.
Karl MacGregor, CEO at Vyne, explains that Vyne was founded with the simple vision of perfecting payments for businesses and consumers:
“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.”
Megumi Ikeda, Managing Director at Hearst Ventures, claims that Vyne is at the bleeding edge of the payments revolution:
“The team’s commercial success is testament to their expertise and commitment to innovation, and we’re delighted to be supporting their continued growth.”