Account-to-account payments platform Vyne has closed its seed round on $15.5m in funding, in what it claims to be the biggest seed round of any UK open banking startup.
The round was supported by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech. In addition to venture firms, Vyne received capital from a selection of angel investors, including Zoopla founder Alex Chesterman, ComplyAdvantage CEO and founder Charlie Dellingpole and Grabyo founder Will Neale.
With the funding, Vyne hopes it can capitalise on the global opportunity by expanding its international coverage and bringing new use cases to market.
Founded in 2019, the company claims it changes the traditional card and alternative payment methods by offering a full-stack solution that enables direct, secure and faster transactions.
The solution leverages open banking to support account-to-account payments for online businesses. The customer pays directly from their bank account, with transactions taking seconds.
It claims consumers can complete checkouts in three clicks and merchants can engage with them through digital channels, such as QR codes and pay-by-link, which are sent through email, SMS or in-person.
The FinTech company processes millions of pounds in transactions each month, with this growing at a rate of 95% month-on-month, it said.
Hearst Ventures managing director Megumi Ikeda said, “The global financial ecosystem is moving rapidly away from traditional payments systems and towards open banking and real-time payments.
“Vyne sits at the bleeding edge of this revolution, by improving the payment experience for all stakeholders. The team’s commercial success is testament to their expertise and commitment to innovation, and we’re delighted to be supporting their continued growth.”
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