VibePay Lands £5M Funding and Snags Klarna Executive with Nick Candy’s Backing

VibePay, a UK-based peer-to-peer payments app with backing from prominent investor and property mogul Nick Candy, has raised £5 million in new funding and brought on board former Klarna executive Conor Tiernan. VibePay, a smaller competitor to established names like CashApp, combines messaging with open banking-powered peer-to-peer payments, providing a seamless alternative to traditional payment systems that are often associated with high fees and delays. With this funding round, VibePay’s total investment reaches £12 million, having previously secured backing from notable UK entrepreneur Scott Fletcher and AIM-listed Vela Technologies.

Tiernan, who previously played a pivotal role in launching Klarna’s open banking platform, Klarna Kosma, will now lead VibePay Insights, the company’s upcoming analytics division. This new unit, headed by Tiernan, will focus on sales and partnerships while offering businesses valuable insights into transaction patterns and customer behavior, powered by VibePay’s AI assistant. This move represents a key expansion for VibePay, providing a fresh revenue stream and leveraging its user data to deliver targeted insights to partner businesses.

Commenting on the appointment, VibePay’s CEO and founder, Luke Massie, expressed enthusiasm for Tiernan’s role, citing Tiernan’s open banking expertise and network as a significant asset for VibePay’s growth. Massie noted that he and Tiernan first discussed the integration of Klarna’s open banking capabilities into VibePay’s infrastructure over two years ago. They envisioned a possible collaboration where Klarna could establish a channel within the VibePay app, offering direct payment reminders to the 35% of VibePay users who already use Buy Now, Pay Later (BNPL) options.

Beyond this appointment, VibePay has been expanding its reach and product offerings to cater to a broader user base, including consumers, sellers, financial institutions, and now brands. The platform’s Channels feature allows users to not only send and receive money instantly but also to message, share media, and engage with businesses and brands they support, establishing a more integrated user experience.

VibePay, which reports having over 250,000 active users and supports multiple linked bank accounts, operates with an office in Lancashire while many of its 36 employees work remotely. Massie emphasized that, despite the infusion of funds, VibePay’s strategy remains focused on internal growth rather than relying heavily on external investment. Reflecting on this latest funding, Massie described it as “pretty positive” given the current economic climate and reiterated the company’s intention to prioritize internal development.

The recent funding will significantly bolster VibePay’s growth trajectory, particularly as it prepares to launch VibePay Insights and enhance its app’s capabilities. Positioned as a cost-effective, real-time alternative to traditional payment systems, VibePay is set to further distinguish itself within the competitive fintech arena. Tiernan’s expertise will be instrumental in navigating this next chapter, as he brings valuable industry connections and knowledge in open banking to VibePay’s evolving ecosystem. With his leadership in the new Insights unit, VibePay is poised to deliver enhanced transaction intelligence and behavioral analytics for businesses, transforming its user data into actionable insights that will drive both client engagement and revenue growth.

As VibePay continues to expand its platform, its innovative Channels feature — which facilitates instant money transfers, messaging, and media sharing — underscores the app’s commitment to providing a holistic user experience. This feature not only strengthens connections between users and brands but also emphasizes VibePay’s vision of making digital payments both personal and efficient. Supported by this recent investment, VibePay is well-positioned to capture new markets and reinforce its reputation as a forward-thinking player in the digital payments landscape.