each month, and is growing currently at a rate of 95% each month - in what (secondly) many believe is poised to be a big market in coming years. Firstly, because of its early traction - the company says that it’s already processing millions of pounds in transactions in the U.K.
The sizable seed round from strong investors is due to a few factors. London-based Vyne has been quietly building its platform - which targets merchants to help them build open banking-based payment services - for the past 18 months, honing the tools based on feedback from early customers that it’s picked up ahead of today’s wider launch. CEO Karl MacGregor said in an interview that the round was “massively oversubscribed.” The funding is coming from Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech, with Alex Chesterman (founder of Zoopla and CEO of Cazoo), Charlie Dellingpole (CEO and founder of ComplyAdvantage) and Will Neale (founder of Grabyo) also participating. On the heels of open banking startup TrueLayer hitting a $1 billion valuation in its latest round after seeing strong traction for its services, today another open banking startup, Vyne, is officially opening for business, and announcing seed funding of $15.5 million to help it grow. Open banking - a new approach to payments and other financial services that disrupts traditional card-based infrastructure by linking directly into banks - is having a moment.
