Vyne Technologies
The business, the turning points, and the decisions behind them.
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Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Vyne was a London-based open-banking payments company founded in 2019 by Karl MacGregor and co-founders. Its real-time account-to-account (A2A) payments platform let online businesses take payments directly from customers' bank accounts - completed in seconds, bypassing cards and their fees. Partners included BigCommerce, Wix, Salesforce and Magento. The company raised a $15.5 million seed round in 2021 and a $32 million Series A in May 2023.
02 / FAILURE REASONS
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03 / EVENT HISTORY
Events in the structured record
- Founded
Vyne is founded in London by Karl MacGregor and co-founders as an open-banking account-to-account payments platform.
- Seed round
Vyne raises a $15.5 million seed round backed by Hearst Ventures, Entree Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech.
- Series A
Vyne raises a $32 million Series A and partners with BigCommerce and Wix as an A2A payment option for online merchants.
- Acquired
In September 2024, Dubai-based open-banking platform Tarabut acquires Vyne for an undisclosed sum, with approvals from the Saudi Central Bank and the UK's FCA, planning to deploy Vyne's technology across the Middle East.
- UK wind-down
In January 2025, Vyne announces it will wind down its UK operations effective April 22, 2025, as part of its new shareholders' global strategy to focus on markets including Bahrain, Saudi Arabia and the UAE.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
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Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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