London-based payments FinTech Vyne is set to shut down its UK operations in April 2025.
The news comes just five months after the real-time account-to-account payments platform was acquired by Middle East FinTech Tarabut.
In a statement that followed the news of the acquisition, Vyne CEO and co-founder Karl MacGregor (pictured) did not hint at a potential UK closure for the business and instead hailed the move.
He said: 鈥�The acquisition not only strengthens Tarabut鈥檚 technological infrastructure but also extends its operational footprint to the UK, solidifying its position as a global leader in open banking.聽
鈥淓xisting customers will benefit from enhanced services, while new customers will have access to best-in-class A2A payment solutions as the regulations roll out across the region.鈥�
However, since then, a statement on Vyne鈥檚 website said that the decision has been made 鈥渁s part of a broader global strategy by our new shareholders鈥�.
It continued: 鈥淲hile the UK market is not part of these current plans, this marks a significant opportunity and exciting chapter for Vyne鈥檚 proven technology to be leveraged in other key jurisdictions.”
The firm employs more than 40 people in the UK and raised $32m in Series A funding as recently as May 2023.
There has been no news on what the shutting down of its UK operations means for the jobs potentially at risk.