Fast-growing FinTech VibePay has raised an additional 拢5m in funding and announced a key hire.
Billionaire聽property developer Nick Candy was among the existing investors to take part in the latest raise, bringing the total funding raised to date to 拢12m.
VibePay has also appointed Conor Tiernan, a former Klarna executive, as its new head of insights.
Tiernan, who played a pivotal role in launching Klarna鈥檚 Kosma and later led the company鈥檚 open banking efforts, will spearhead VibePay鈥檚 sales and partnerships for its innovative insights platform.
VibePay CEO Luke Massie said: “I first spoke with Conor around two years ago when we were exploring how Klarna鈥檚 open banking capabilities could support VibePay鈥檚 infrastructure.
鈥淲e also discussed the possibility of Klarna having a channel within the VibePay app, which would offer direct payment reminders to the 35 per cent 聽of Vibe users already using BNPL.
鈥淐onor immediately understood the power of our Channels – putting users at the centre and connecting them to what matters: their money, their transactions, and their relationships with banks, brands, and businesses they support.”
Launching later in 2024, VibePay Insights gives rands and businesses the opportunity to reach new customers based on their transactional activity, using VibePay鈥檚 AI assistant to identify trends and consumer spending behaviours.
This data can then be actioned either directly in the VibePay eco-system or export offline for use elsewhere.
For the past three years, VibePay has been expanding its network, serving consumers, sellers, financial institutions, and now brands.
Through its Channels feature, VibePay connects all the moving parts, allowing users to send and receive money in real time, message, and share media – creating a seamless environment for conversational commerce, banking, and more.
VibePay鈥檚 Channels feature offers a unique distribution model, linking brands and financial institutions to engaged users who are primed to transact.
Commenting on his decision to join VibePay, Tiernan said: 鈥淭he power of open banking is putting users right at the centre and giving them control – this is exactly what VibePay does.
鈥淚鈥檝e chosen to join VibePay because I鈥檓 excited about what they鈥檝e already achieved and the vision they have for the future.
鈥淎s a user of VibePay myself, I know firsthand the value of Channels, and I鈥檓 looking forward to helping onboard brands and connecting them with VibePay鈥檚 engaged community.鈥�