Gen Z money app VibePay expands into eCommerce payments
Open-banking 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.
Following an additional £1.25m in funding from its current investors, Kieran Bamber has been chosen to lead commercial partnerships, and is tasked with building VibePay’s partner network, and supporting brands in building a more engaged relationship with VibePay’s target demographic, Gen Z consumers.
The recent funding takes VibePay’s total investment raised to £6.36 million, with plans to boost this later in 2020 with a round of series A funding.
The app currently has more than 15,000 engaged users, who have linked the app with their bank accounts, allowing them to pay and get paid through the app, while also being able to view theirs and their networks’ purchases within a ‘live feed’.
Its new payments API will sit alongside the Vibe Data API, giving brands transactional insights into their customers. The data API gives businesses insights into the products and services Gen Z are using most frequently.
The firm said 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 firm said it will offer SMEs three months free to trial the technology.
Since launching in Beta in October 2019, VibePay said its app has processed over £3m in requests and payments from customers – with this projected to reach £10m in the next quarter as it moves into Europe.
The firm 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.
Vibe currently adheres to two open banking standards, the UK Open Banking standard and now the Berlin Standard.
VibePay was launched by tech entrepreneur Luke Massie, who previously launched ticket reselling platform Vibe Tickets.
“Our USP is our understanding of our audience. We’re built for Generation Z, by Generation Z, and we know that many brands struggle to target that customer effectively,” said Luke Massie, CEO and Founder of VibePay.
“By launching our latest products, we’re not only helping brands sharpen up their payments processes and boost their cash flow, we’re helping them deliver what their target customers want.
“We’re not just another payments provider, we’re giving brands invaluable insights into who their customers are, where they shop and how they spend to offer tailored discounts, targeted offers, or related products and stay one step ahead.”
Kieran Bamber, Head of Commercial Partnerships at VibePay added: “VibePay has a strong vision, and a genuinely exclusive proposition for businesses who are trying to engage with Gen Z.
“With experience in both consultancy, and business development, I’ve seen how this struggle can impact brands, and offering a totally new solution is a really exciting prospect.”