Vyne, a UK-based fintech specializing in account-to-account payment services, has announced plans to cease operations in the UK by April 22, 2025. The decision follows its acquisition by Dubai-based open banking platform Tarabut in September last year. Vyne’s technology, known for enabling direct payments between merchants and consumers without requiring card details or sort codes, will now be redirected to markets where its impact and growth potential are deemed greater. This shift reflects Tarabut’s global strategy to expand in the Middle East, leveraging Vyne’s expertise within the evolving open banking landscape.
Why is Vyne leaving the UK?
The closure stems from a strategic decision by Vyne’s new shareholders to prioritize regions with stronger growth opportunities. In a statement on its website, Vyne explained:
“As part of a broader global strategy adopted by our new shareholders, we have made the decision to wind down operations at Vyne in the UK effective 22nd April 2025.”
“This decision reflects the board’s strategic plan to focus on markets where Vyne’s technology can drive the most impact and growth, globally.”
Tarabut plans to integrate Vyne’s technology to strengthen its open banking offerings in Bahrain and expand to Saudi Arabia and the UAE. This aligns with regulatory developments in open banking across these regions, which present new opportunities for fintech innovation.
What does this mean for Vyne employees?
While Vyne employs 46 people in the UK, the company has not disclosed how the winding down of operations will affect these roles. A spokesperson declined to comment on potential job losses. This uncertainty raises questions regarding the impact on the workforce as the company transitions to a Middle Eastern focus under Tarabut’s ownership.
Previously, Vyne secured $15.5 million in a 2021 seed funding round, backed by investors such as Hearst Ventures and Seedcamp. At the time, the fintech positioned itself as a key player in simplifying digital payments through partnerships with platforms like BigCommerce, Magento, and Pinewood. However, no mention of UK-specific plans for Vyne was included in the announcement of its acquisition by Tarabut, signaling a shift away from the UK market.
The move to shut down Vyne’s UK operations mirrors similar trends among other fintech firms that streamline their operations following acquisitions. Tarabut’s intentions to prioritize growth in the Middle East are consistent with its broader expansion goals. Vyne’s technology, which emphasizes direct, cardless payments, aligns with the needs of these emerging markets, where regulatory frameworks for open banking are actively developing.
The decision to exit the UK highlights the challenges fintechs face in establishing a balance between regional operations and global expansion. For Vyne, this period marks a significant pivot toward markets with a higher potential for adoption of open banking solutions. For consumers and merchants in the UK, however, it might mean fewer direct payment alternatives to traditional card transactions, underscoring the competitiveness of the UK fintech ecosystem.
