According to a statement posted on the Vyne website, the company decided to halt its operations in the UK effective 22 April 2025 based on a wider global strategy adopted by its shareholders. Additionally, Vyne underlined that the move reflects the broader plan to focus on markets where the company’s technology can have the most impact and expansion.
The new shareholder that Vyne mentioned is Tarabut, which acquired the company back in September 2024. At that time, the deal was approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA) and aimed to support Tarabut in scaling its ability to provide faster and more interconnected financial solutions across the MENA regions and globally. The acquisition was officially finalised on 1 August 2024 and focused on solidifying Tarabut’s position in the industry before the implementation of new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE.
Supporting merchants to develop Open Banking-based payment services, Vyne currently has 46 employees in the UK, according to PitchBook. When asked to comment regarding possible job losses, a representative from Vyne refused to discuss the matter. At the time when Tarabut purchased Vyne, the company did not declare any plans for Vyne in the UK, however, it mentioned integrating Vyne’s technology into Tarabut’s operations across the Middle East, starting with Bahrain and scaling to Saudi Arabia and the UAE as Open Banking regulation evolves.
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