London-based Vyne is winding down its UK operations in the UK just months after the real-time account-to-account payments platform was acquired by Middle Eastern fintech Tarabut.
In a statement on its website, Vyne says it will "cease all operations" on 22 April.
The decision is "part of a broader global strategy adopted by our new shareholders" that "reflects the Board’s strategic plan to focus on markets where Vyne’s technology can drive the most impact and growth, globally. While the UK market is not part of these current plans, this marks a significant opportunity and exciting chapter for Vyne’s proven technology to be leveraged in other key jurisdictions."
Founded in 2019, Vyne counts the likes of Salesforce, RemitOne and BigCommerce among its partners. The firm, which employs more than 40 people in the UK, raised $15.5 million in seed funding in 2021.
It was acquired by Dubai-headquartered Tarabut in September, with the intention of bringing the UK firm's A2A payment capabilities to the Middle East, starting with Bahrain, and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.
At the time, in a FAQ section on the Vyne site, the firms stressed that there would be no impact on Vyne customers, going so far as to insist: "We are actively maintaining and enhancing our UK product and continue to onboard new clients."