Today: Feb 12, 2025

Vyne ends UK operations to prioritize growth in MENA, following acquisition by Tarabut

Vyne, the London-based fintech making waves with real-time account-to-account payments, is pulling the plug on its UK operations just months after being acquired by Tarabut. With its sights set on the MENA region, the company is redirecting its focus to growth in markets like Bahrain, Saudi Arabia, and the UAE. What does this mean for its UK customers—and the future of account-to-account payments globally?
Vyne team members at Automotive Management Live | Linkedin
2 weeks ago

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.

Vyne team members

The role of open banking in Vyne’s success

Vyne’s technology, which powers A2A payments through open banking, has already caught the attention of major global players. The platform enables users to pay directly from their bank accounts in real time, bypassing the traditional methods that are often slow and costly. This innovation has made Vyne an attractive partner for a variety of businesses, from large e-commerce platforms to smaller startups.

Among Vyne’s notable partnerships are Salesforce, BigCommerce, and RemitOne. The company’s ability to integrate seamlessly with these platforms has helped Vyne expand its reach and appeal to a broader audience. Additionally, Vyne’s $15.5 million seed funding raised in 2021 has allowed it to scale its operations and technology.

The company’s suite of payment services includes instant refunds, verified payouts, and a no-code payment link option. These features have positioned Vyne as a leading provider of A2A payment solutions, particularly for businesses looking to streamline their financial operations.

As Vyne’s UK operations wind down, the fate of its employees remains uncertain. The company currently employs over 40 people in the UK, though it has not disclosed details about potential layoffs or job transitions. When asked for comment on this issue, Vyne declined to provide specifics, citing the sensitivity of the matter.

For Vyne’s clients, the company has pledged to ensure a smooth transition. Vyne’s official website provides resources and contact information for clients seeking assistance during the wind-down period. In its statement, Vyne thanked its merchants and partners for their trust over the years, emphasizing that their support has been integral to the company’s success.

 

Fabrice Iranzi

Journalist and Project Leader at LionHerald, strong passion in tech and new ideas, serving Digital Company Builders in UK and beyond
E-mail: iranzi@lionherald.com

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