VibePay, the self-stylised “social payments app”, has closed £1.25m in funding to support the launch of its new open banking-powered service.
The capital injection was supplied by its existing investors. The company has now raised a total of £6.36m in funding. The company is planning to raise a Series A later in the year.
Its new payments API service supports payments for companies through both online checkouts and subscriptions.
The API is built on the open banking initiative, enabling merchants to access unique transactional insights on their Gen Z customers. This information will help them understand the products and services its users care about and use.
Launch of this service was initially pegged for Q3, but was released earlier to help SMEs during the current pandemic. VibePay claims the service will help them get instant access to their funds and improve cash flow.
To further help SMEs, the FinTech is offering the service for free for the first three months.
VibePay aims to support Gen Z consumers by helping them interact, transact and move money more easily, The app lets a user request a payment from anyone for free and get paid directly into their bank account.
The FinTech recently received approval from several European countries, including Germany, France, Netherlands and Luxembourg, to being integrating banks into its Vibe Banking Gateway.
VibePay CEO and founder Luke Massie said, “By launching our latest products, we’re not only helping brands sharpen up their payments processes and boost their cash flow, we’re helping them deliver what their target customers want.
“We’re not just another payments provider, we’re giving brands invaluable insights into who their customers are, where they shop and how they spend to offer tailored discounts, targeted offers, or related products and stay one step ahead.”
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