VibePay opens up its APIs to businesses

Payments platform VibePay has opened up its APIs for bank-to-bank payments and subscription payments, making payments available for retailers, businesses and SMEs. The move comes after the UK-based company secured about 1.4 million euros in funding.

As of today, VibePay makes its payments available for businesses. By opening up its APIs to companies, the payments app wants to reduce “friction, fees and frustration at the checkout”.

With the update, brands can process checkout and subscription payments online. “The API is built on open banking and is one piece of the wider Vibe ecosystem”, the company, which was born from VibeTickets, explains.

Launch was brought forwards due to Covid-19

The launch was actually planned for the third quarter, but was brought forwards to help small and medium-sized enterprises during the current uncertain environment caused by the coronavirus Covid-19. That’s also why the company offers SMEs 3 months free to trial the technology.

Companies can try it out for free for three months.

Since the beta launch in October last year, the VibePay app processed over 3.4 million euros in requests and payments from customers. This number is expected to reach over 11 million euros in the next quarter.

Expansion in Europe

VibePay recently raised about 1.4 million euros, making the total investment raised by the UK company reach 7.2 million euros. Later this year, it wants to further boost this amount with a round of series A funding. With the fresh funding, the company wants to support its next stage of growth.

Approval to implement banks into Vibe Banking Gateway

It received approval from several countries across Europe, including Germany, France, the Netherlands and Luxembourg, to start implementing banks into the Vibe Banking Gateway.