Luke Massie has stepped down as the CEO of UK FinTech VibePay.
Massie, who founded VibePay to connect people, brands, sellers and banks with real-time messaging and instant payments, said it was time for the ‘next chapter’.
In April, VibePay was acquired by global pay by bank platform Banked with support by long-time investor Candy Ventures, founded by billionaire Nick Candy.
A statement from VibePay said: “After leading Vibe from inception to becoming one of the UK’s pioneering open banking companies, our founder and CEO Luke Massie is stepping down.
“Vibe has made ‘pay by bank’ and open finance a reality for so many, building a trusted community that helped normalise linking bank accounts in exchange for value. Whether that be real time payments, rewards or financial advice.
“Luke now leaves the company to pursue new interests as Vibe continues to grow and innovate.
“VibePay would like to thank Luke – and wish you all the best for what’s next.”
Massie, who had recently become a first-time dad, said: “What a ride. It’s time for me to let go of what I started and begin writing the next chapter.
“VibePay has some really cool stuff coming early next year and the team remain committed to the mission.
“To everyone who’s played their part in the journey and personally helped me over the years, thank you.”
His close friend Robert Binns led the tributes: “Mate you have shown what’s truly possible with drive and determination, no matter where you start. What a journey.
“It’s a reminder that passion and purpose can create incredible momentum. Excited to see what the next chapter brings onwards and upwards.”
Andrew Turner, chairman of Chorley Group, said: “Well done Luke. What a ride that has been mate. Incredible achievement and always an absolute pleasure.
“This guy had worked soooo hard and has still managed to find the time to give something back to the local Inspire Youth Zone. Thanks Luke and we will forward to what comes next.”
Aditya Sarkar, co-founder of Lean, said: “We’ve used VibePay in so many conversations with regulators, banks, and the rest of the ecosystem as a shining example of what’s needed to showcase the benefits of open banking to the masses.
“Honestly, an incredible contribution to FinTech. Excited to see what’s next.”
Massie is one of the North West’s highest profile entrepreneurs.
Growing up, Massie the footballer was on the radar of Blackburn, Bolton and Blackpool’s academy systems although, as his business career took off, he dropped into non-league football and represented Bamber Bridge, Lancaster, Coppull and Longridge Town.
While he was 17 and studying for his A Levels at Cardinal Newman College in Preston he set up his first business – Mortgage Claims Direct – with £3,000 he saved up.
Within 11 months the teenager sold the PPI company for £94,000 and Massie was on his way.
Several other projects followed, including an online platform exclusively for students and a Preston loft conversion business, before he set up Vibe Tickets for music lovers to buy and sell spare tickets without fees.
Massie was included in a list of the country’s top 100 young entrepreneurs as Vibe Tickets quickly became the UK’s go to marketplace for secondary tickets.
The startup was quickly turning over £600k but its young founder confidently predicted it would be a £6m turnover business sooner rather than later.
He won the backing of high profile entrepreneurs, including Sir Richard Branson, who he met after making it to the final three in the #VOOM 2016 Virgin Media competition, spending the day at the Virgin founder’s house, meeting his team of experts and associates.
It was a life-changing experience and Massie even became the public face of VOOM 2017.
However, a year later, he hit his first significant bump in the road when Vibe Tickets went into administration after plans to raise additional funds did not come to fruition.
His Lancaster-based ticketing business had raised a total of £1.7m from Matt Newing and his company Elite Telecom; ANS Group founder Scott Fletcher MBE; Vela Technologies Plc; and almost 300 investors on Crowdcube.
As a result of the administration process, Newing and Elite Telecom, Vela Technologies Plc and Fletcher lost £600,000, £400,000 and approximately £500,000 respectively.
Speaking at the time Massie said he was ‘backed into a corner”’ and had no choice but to place the company into administration – and dismissed claims that it was planned as ‘ridiculous’.
Massie insisted he’d got ‘nothing to hide’ after he bought Vibe Tickets out of administration, saying he was deeply hurt at suggestions on social media that he’s ‘planned’ the outcome.