Vyne, a London-based real-time account-to-account payments platform, has announced that it will be winding down its UK operations effective April 22.
This decision comes just months after Vyne was acquired by Tarabut, a Middle Eastern fintech company.
According to a statement released recently on Vyne’s official website, the decision to cease UK operations is part of a broader global strategy adopted by its new shareholders.
The company’s board has reportedly decided to focus on markets where Vyne’s technology can drive the most impact and growth globally.
While the UK market is not part of these current plans, Vyne sees this as an opportunity to leverage its tech in other key jurisdictions. However, it remains unclear as to just how and when the Fintech firm will roll-out its products and services in other key markets.
The company, which was founded back in 2019, has reportedly established partnerships with companies such as the following: Salesforce, RemitOne, and BigCommerce.
Vyne has raised significant funding, including $15.5 million in seed funding in 2021.
The company employs over 40 people in the UK, whose future roles are uncertain.
At the time of the acquisition by Tarabut in September, Vyne assured its customers that there would be no impact on its UK product and that it would continue to onboard new clients.
However, the latest announcement indicates a shift in the company’s strategy, prioritizing growth in other markets.
As noted by its management, Vyne uses open banking to power account-to-account payments for online businesses, “setting the course for the future of payments.”
Customers move money in real-time by paying directly from their bank account and payments are “completed in seconds, bypassing expensive and slow traditional methods.”
Founded by payments professionals, Vyne’s technology and solutions bring together industry experience to ensure “direct, secure, faster” payments.
Vyne Technologies Ltd had reportedly been authorized and regulated by the Financial Conduct Authority (FCA) as an Authorized Payment Institution. Vyne.