Vyne raises $15.5 mn in a seed funding round to build a payments platform

By Joy Dumasia

Vyne, the specialist account-to-account payments platform, today announces it has secured $15.5 million in seed funding from leading FinTech investors, including 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.

This investment marks the most significant seed funding round in the UK open banking market to date, cementing Vyne and account-to-account payments at the centre of the future of payments.

Founded in 2019 by true payment experts, Vyne’s innovative full-stack solution brings together decades of combined industry experience to enable direct, secure, and faster payments for merchants and consumers alike, challenging the status-quo of today’s traditional card and alternative payment methods. By transforming the checkout experience, consumers can complete payments 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.

Karl MacGregor, CEO at Vyne, said: “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.”

Recently, IBS Intelligence reported that Vyne, the account-to-account payments provider for merchants, announced Luke Flomo as its new Chief Revenue Officer. The strategic hire brings a wealth of scaleup experience, having previously held senior roles with FinTech challenger brands including Laybuy, Trustly and Klarna.