UK fintech VibePay launches business accounts
VibePay, a UK social payments fintech, has launched a business account offering. It’s designed for Gen Zers who earn money through social channels or platforms like Depop.
The fintech – which launched last October – has also integrated with a host of new banks, including Starling, Capital One and Tesco. This puts its bank partner list at 24.
New business offering
Its new business offering, which works similarly to its consumer-facing app, claims to have no fees. The main difference is that small businesses will get access to a transaction dashboard to track their cashflow.
VibePay has 50,000 users, many of whom are consumers turned social entrepreneurs. Developing a business offering was a natural progression for the fintech.
VibePay is also revealing a new version of its app. It will allow all users to send personalised payment URLs called “Vibe.me” links.
The start-up has also launched Vibe ID, which acts like an online passport to link users’ different bank accounts when they’re spending online.
QR codes are live in the app too, and VibeTickets has been fully integrated with the app. This is part of the fintech’s migration of its sister company’s 80,000 users, following the redirection of VibeGroup from tickets to payments.
Founder and CEO Luke Massie says the “new app is the culmination of months of work”.
VibePay’s niche in the market
VibePay is – put simply – designed for those who want to get paid. Massie calls them ‘insta-preneurs’ – those that might have a day job, but also make up extra cash with side hustles.
These insta-preneurs use VibePay over PayPal to avoid excessive fees and delays in receiving funds.
Because VibePay uses open banking, users can get paid instantly whilst avoiding fees which cut into their margins. “We don’t care who you bank with,” Massie told FinTech Futures in May.
VibePay charges companies who use its business-to-business (B2B) offering, rather than direct users. Those businesses get a payment solution and “targeted” insights into Generation Z.
Looking ahead, the fintech wants to build out its merchant offering, hoping to land a heavyweight investor like Octopus Ventures in its imminent Series A.
Octopus Ventures led Depop’s last funding round, and could open up some big doors for the start-up.
It is also looking at the world of gaming as a means for expansion, a space fellow challengers abroad have invested in to boost user engagement.