VibePay prepares for launch with FCA approval
London-based VibePay has been given the green light from the UK Financial Conduct Authority (FCA) to provide direct-to-bank payments using open banking.
The first product to market will be a consumer app launching in September 2019, allowing friends to socially plan and pay in groups.
VibePay is part of Vibe Group Holdings and recently announced an investment from Candy Ventures – Nick Candy’s private investment fund.
The FCA authorisation allows to provide Payment Initiation Services and Account Information Services.
Luke Massie, CEO at VibePay, says: ‘The VibePay app makes it easier for groups of friends to plan and pay for their social activities. It takes the pain out of collecting council tax from flatmates and planning holidays with friends.’
VibePay will also be introducing a B2B solution, allowing consumers to pay direct from their bank when they’re shopping online.
Vibe started in 2013 when young entrepreneur Luke Massie, founded secondary ticketing company Vibe Tickets. As part of making Vibe’s peer-to-peer offering free, VibePay was developed to replace the third-party payment provider previously used.