London-based Vyne is shutting down its UK operations just months after being acquired by Middle Eastern fintech Tarabut. In a statement on its website, Vyne announced it will “cease all operations” on April 22.
The decision aligns with a broader global strategy from its new shareholders, reflecting the Board’s plan to focus on markets where Vyne’s technology can have the greatest impact and growth. While the UK market is not part of these current plans, this transition presents an exciting opportunity for Vyne’s established technology to be utilized in other key jurisdictions.
Founded in 2019, Vyne has partnered with notable companies like Salesforce, RemitOne, and BigCommerce. The firm, which has a workforce of over 40 in the UK, raised $15.5 million in seed funding in 2021.
Vyne was acquired by Dubai-based Tarabut in September, aiming to introduce the UK firm’s account-to-account payment capabilities to the Middle East, starting in Bahrain and expanding to Saudi Arabia and the UAE as Open Banking regulations develop.
At the time of the acquisition, the companies reassured customers that there would be no impact on Vyne’s UK operations, stating: “We are actively maintaining and enhancing our UK product and continue to onboard new clients.”