VibePay expands into ecommerce payments with GenZ insights for retailers and SMEs

UK-based payments app VibePay has announced it is expanding its offer to retailers to become a payments processing service. 

Its new product, an API, will allow brands to process checkout and subscription payments online from VibePay users. The API also gives businesses insights into the products and services Gen Z are using most frequently. The recent funding takes VibePay’s total investment raised to GBP 6.36 million, with plans to boost this later in 2020 with a round of series A funding, while supporting brands in building a more engaged relationship with Gen Z consumers.

The company said the launch of the new product was planned for Q3 but has been brought forward with the intention of helping SMEs improve their cash flow. The company said it will offer SMEs three months free to trial the technology.

VibePay currently adheres to two open banking standards, the UK Open Banking standard and now the Berlin Standard. Moreover, the company recently received approval from several European countries, including Germany, France, Netherlands and Luxembourg, to start implementing banks into the Vibe Banking Gateway, the aggregation layer powering payments in its ecosystem.