VibePay launches business payments offer following £1.25m investment

A London-based fintech has launched its newest offering aiming to support businesses after securing £1.25m investment.

VibePay has launched its new payments API product, which is built on open banking and aims to give businesses insights into customer preferences through the VibePay app.

The firm has secured an additional £1.25m in additional funding from current investors, bringing its total funding to £6.36m.

As a result of the ongoing business disruption caused by the COVID-19 outbreak, VibePay is offering SME businesses three months free to trial its new technology.

The launch comes after the firm received approval from several European countries - including Germany, France, Netherlands and Luxembourg - to start implementing banks into its aggregation layer powering payments.

Luke Massie, CEO & founder at VibePay, commented: “Our USP is our understanding of our audience. We’re built for Generation Z, by Generation Z, and we know that many brands struggle to target that customer effectively.

“Plenty of businesses are spending more money than ever on advertising to Gen Z, and it can be a difficult demographic to engage with - add to that high payment fees for purchases, and the process of converting Gen Z into customers can be incredibly expensive.

“By launching our latest products, we’re not only helping brands sharpen up their payments processes and boost their cash flow, we’re helping them deliver what their target customers want.”