Vyne secures £11.3m in seed funding to expand its open banking payment network.
Hearst Ventures led the seed round for the account-to-account payment specialist.
Vyne operates an account-to-account payments platform that facilitates direct bank transfers for merchants and consumers. The full-stack technology allows transactions to be completed efficiently while bypassing traditional card networks.
Vyne has secured £11.3m in seed financing from a syndicate of financial technology investors to expand its account-to-account payment network. Hearst Ventures led the funding round, with participation from Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective, Partech, and several high-profile angel investors. The capital will be deployed to accelerate international expansion, scale operations, and introduce new use cases to the market.
The transaction marks the largest seed-stage raise recorded in the UK open banking sector to date. Vyne processes millions of pounds in monthly volume and has recently strengthened its executive team with senior hires from Klarna and Booking.com.
Investor perspective
"The global financial ecosystem is moving rapidly away from traditional payments systems and towards open banking and real-time payments. Vyne sits at the bleeding edge of this revolution, by improving the payment experience for all stakeholders. The team’s commercial success is testament to their expertise and commitment to innovation, and we’re delighted to be supporting their continued growth."
Megumi Ikeda
Managing Director, Hearst Ventures
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
Megumi Ikeda
Hearst Ventures
Avi Eyal
Entrée Capital
Triplepoint
Reshma Sohoni
Seedcamp
Venrex
Founder Collective
Partech