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London-Based Open Banking Solution Vyne Secures £11.3M Funding As It Focuses On Growth

Sep 24, 2021•about 4 years ago

Amount Raised

£11.3 Million

London

Description

London-based Vyne, a challenger payments service using open banking APIs for instant account-to-account transactions has secured $15.5 million (nearly £11.3 million) in a funding round. Notably, this is the largest seed funding round in the UK open banking market to date.

Company Information

Company

Vyne

Location

London, Ontario, Canada

About

Vyne will use the funds to elevate its ambitious growth trajectory, attack the global opportunity, increase international coverage and bring new use cases to market, thereby forging the path to a future of account-to-account payments.Megumi Ikeda, Managing Director at Hearst Ventures, commented: “The global financial ecosystem is moving rapidly away from traditional payments systems and towards open banking and real-time payments. Vyne uses open banking to power account-to-account payments for online businesses, setting the course for the future of payments. Reshma Sohoni, Partner and co-founder at Seedcamp, added: “As leading payments experts, Vyne are the perfect team to capitalise on the new opportunities for innovation brought about by open banking.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech