Vyne is a London-based startup building merchant-focused open banking payment services. After about 18 months of product development and early customer feedback, it provides merchant tools that enable open-banking payment flows, including QR codes and pay-by-link that redirect customers into banking apps for authentication. The company says it is already processing millions of pounds in transactions in the U.K. each month and growing at roughly 95% month-over-month. Vyne positions open banking as a way to reduce friction and fraud associated with card payments and estimates merchants can save up to 65% in costs. The founding team brings deep payments experience from firms such as Barclays, Worldpay and Amazon, which the company says informs its merchant-focused approach. The recent seed funding is intended to support a wider commercial launch and scale its merchant tooling.

Total raised

$16M

Funding rounds

1

Latest round

Seed

Latest activity

Sep 2021