UK account-to-account payment fintech Vyne is shutting up shop in the UK.

The fintech was acquired by Dubai-headquartered open banking platform Tarabut in September last year.

A statement on the Vyne website said:

“As part of a broader global strategy adopted by our new shareholders, we have made the decision to wind down operations at Vyne in the UK effective 22nd April 2025.

“This decision reflects the board’s strategic plan to focus on markets where Vyne’s technology can drive the most impact and growth, globally.”

According to PitchBook, Vyne, which helps merchants build open banking-based payment services, has 46 employees in the UK.

A spokesperson for Vyne did not comment when asked about possible job losses.

The press release announcing Tarabut’s purchase of Vyne did not mention plans Tarabut had for Vyne in the UK.

Instead, it talks about integrating Vyne’s tech into Tarabut’s operations across the Middle East, starting with Bahrain and expanding to Saudi Arabia and the UAE as open banking rules evolve.

In 2021, Vyne announced a seed round of $15.5m, backed by Hearst Ventures, Entrée Capital, Triplepoint, Seedcamp, Venrex, Founder Collective and Partech.

An alternative to cards, advocates of account-to-account payments say it simplifies payments, as businesses and consumers can make payments directly between businesses and consumer bank accounts without the need for card details, account numbers or sort codes.

According to the Vyne website, its partners include BigCommerce, Magento and pinewood.