Vyne

Founded by Barclays, Worldpay, and VocaLink alumni, Vyne is a British open banking infrastructure provider, enabling merchants to let customers make payments directly from bank accounts (account-to-account payments). Vyne looks to focus on the merchant end of the open banking ecosystem, and lets them offer several checkout methods, including redirecting to the banking app, pay-by-link (SMS, chat, or email), and QR codes (static and dynamic), as well as infrastructure for real-time refunds and business payouts. In addition to accepting and facilitating payments, Vyne also provides a single-view access to transaction data and automates transaction reconciliation, to enable merchants to better understand and control their finances.   

The company reportedly processed transactions worth “millions of GBP” per month, as of September 2021, and further claimed that its transaction volume was growing around 95% per month at the time. The company had several customers as of February 2021, including Kinetic, Glossybox, ESPA, Coggles, and Beauty Expert. Moreover, Vyne partnered with Gr4vy in the same month, to enable Gr4vy’s ecommerce merchants to offer open banking payments to its customers. 

The company commercially launched its platform along with a USD 15.5 million seed funding round in September 2021–incidentally the largest seed round in UK open banking history to date. The funds were earmarked for global expansion and broadening its use cases. Notably, the commercial launch came after Vyne honed its tools with early-adopter customers for 18 months.