Vyne, a real-time account-to-account (A2A) payments platform based in London, has announced that it will cease its UK operations by April 22, 2025. This decision comes shortly after Vyne’s acquisition by Tarabut, a Middle Eastern fintech company, and marks a significant shift in the company’s global strategy.
Founded in 2019, Vyne has made a name for itself by offering innovative payment services that leverage open banking technology. The platform enables real-time payments between businesses and their customers, bypassing the traditional banking system’s delays and fees. This makes transactions faster and more secure, a key selling point for businesses in the digital age.
In a statement posted on Vyne’s website, the company confirmed that it would cease operations in the UK as part of a broader global strategy adopted by its new shareholders.
“As part of a broader global strategy adopted by our new shareholders, we have made the decision to wind down operations at Vyne in the UK effective 22nd April 2025,” the company stated. The goal, according to Vyne’s board, is to focus on markets where Vyne’s technology can drive the most growth and impact.
While the UK market will no longer be part of the company’s immediate future, Vyne sees this as an opportunity to expand its technology into other key jurisdictions. However, Vyne has been tight-lipped about where and when exactly this expansion will occur. For now, the company remains committed to providing uninterrupted service to its UK merchants and partners until the wind-down date.
Vyne’s acquisition by Tarabut, a Dubai-based fintech platform serving the MENA (Middle East and North Africa) region, was finalized in September 2024. Tarabut’s ambition is to expand its reach and enhance its open banking capabilities across the Middle East, with an initial rollout planned for Bahrain, followed by Saudi Arabia and the UAE. These countries are seen as critical growth areas as open banking regulations continue to evolve in the region.
At the time of the acquisition, Vyne had assured its UK clients that there would be no immediate impact on its products or services. Vyne’s management maintained that the UK market was not part of Tarabut’s vision for the company’s future but didn’t provide specifics on how operations would change. Now, months later, the strategy appears clearer: Tarabut’s primary focus is to integrate Vyne’s technology into its existing infrastructure, aiming to create a faster and more interconnected financial ecosystem within the MENA region.
This global shift in priorities has left many questioning what this means for Vyne’s UK-based employees and clients. While the company has pledged to continue serving its UK clients until April 2025, the uncertainty surrounding its future plans outside the UK has raised some concerns.
