Nick Candy-Backed VibePay Raises £5M and Attracts Executive from Klarna

VibePay, a UK-based peer-to-peer payments app, has made headlines by successfully raising £5 million in fresh funding, significantly bolstering its overall investment to £12 million. This latest round of financing includes backing from notable investors, including property mogul Nick Candy and existing supporters, positioning VibePay as a competitive player in the rapidly evolving payments landscape. As a peer-to-peer payments platform, VibePay aims to provide users with a seamless and efficient alternative to traditional payment systems, such as CashApp, which have become widely recognized in the fintech sector.

What sets VibePay apart from its competitors is its unique integration of messaging functionalities with open banking-powered payment capabilities. This innovative approach allows users not only to send and receive money but also to engage in social interactions while managing their financial transactions. By combining these features, VibePay aims to create a more interactive and user-friendly experience that resonates with a tech-savvy audience.

In a strategic move to enhance its operations and expand its service offerings, VibePay has appointed Conor Tiernan, a former executive from Klarna, to lead its newly established insights unit. Tiernan brings a wealth of experience to the company, having played a crucial role in the launch and management of Klarna’s open banking service, Klarna Kosma. His expertise is expected to be instrumental in developing VibePay Insights, a forthcoming division that aims to generate new revenue streams by providing businesses with critical transaction data and insights into consumer behavior through VibePay’s advanced AI assistant.

Luke Massie, the CEO and founder of VibePay, expressed enthusiasm about Tiernan’s appointment, underscoring the potential for leveraging his established connections within the fintech industry to drive growth and innovation. Massie shared that discussions with Tiernan began approximately two years ago when they explored how Klarna’s open banking capabilities could enhance VibePay’s operational infrastructure. Additionally, they discussed the possibility of integrating Klarna within the VibePay app, which would offer payment reminders to the 35% of VibePay users already utilizing buy now, pay later (BNPL) services. This collaboration could create synergies that benefit both companies and enhance user experience.

VibePay operates out of its headquarters in Lancashire, employing a team of 36 staff members, with some working remotely to foster flexibility and adaptability in its workforce. Recently, the app has been expanding its network and service offerings, catering not only to individual consumers and sellers but also to financial institutions and brands. Through its innovative Channels feature, VibePay allows users to send and receive money in real time, as well as message and share media content. This holistic approach to peer-to-peer payments aims to create a more integrated ecosystem that resonates with users’ daily financial interactions.

The recent funding acquisition is particularly noteworthy given the current challenging climate for startups seeking investments. In a time when many businesses face hurdles in securing funding, VibePay’s successful funding round highlights the confidence investors have in its business model and future potential. Massie remarked on the positive reception of the funding, acknowledging that while VibePay is not actively seeking additional external investments at the moment, the support received will be crucial in bolstering its internal growth strategies and product development initiatives. By focusing on organic growth and retaining control over its trajectory, VibePay aims to navigate the competitive landscape effectively and emerge as a leader in the peer-to-peer payments market.