Vyne To End UK Operations After Acquisition By Tarabut
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London-based payments company Vyne has announced that it will stop all its operations in the United Kingdom on April 22. The news comes just months after the firm was taken over by Middle Eastern financial technology company Tarabut. The decision is part of a worldwide plan set by Vyne’s new owners.
On its website, Vyne said the move is part of a broader global strategy. The company shared that it will now focus on places where its technology can help the most. The UK is not part of the current plan, but the company sees it as a good chance to use its technology in other key areas.
Vyne’s UK Exit Follows Tarabut’s Plan For Global Expansion
Vyne was founded in 2019 and has worked with well-known companies like Salesforce, RemitOne, and BigCommerce. The company, which has more than 40 employees in the UK, said it raised $15.5 million in seed funding 4 years ago. It quickly became a major player in the UK payments sector.
The company was bought by Dubai-based Tarabut in September. The goal of the purchase was to bring Vyne’s account-to-account payment services to the Middle East. The expansion would begin in Bahrain and later move to Saudi Arabia and the United Arab Emirates as open banking rules in the region improve.
During the takeover, Vyne and Tarabut assured customers that there would be no changes to UK services. They stated in a FAQ section on Vyne’s website that they were still maintaining and improving their UK product. They also said they were adding new clients.
Vyne Offers Faster Payments With Open Banking Technology
Vyne’s service works with open banking, allowing customers to move money directly from their bank accounts. The process is fast, with transactions completed right away. Payments don’t need the usual banking methods, which can be slow and costly.
The platform has been known for its low-cost transactions, instant settlements, and easy-to-use system. Many merchants have used Vyne’s services to solve common payment problems. The firm has worked with businesses in retail, finance, and automotive industries, handling billions of dollars in transactions.
Even though Vyne is leaving the UK, its technology will continue to grow in other parts of the world. The company’s new owners plan to use its payment system in key markets where they believe it can have the strongest effect.
With Vyne shifting its focus outside the UK, many will be watching to see how its payment solutions develop in the Middle East. The decision marks a new stage for Vyne as it moves toward global expansion.
