New UK FinTech VibePay begins public testing
New FinTech app Vibe Pay has been made available for testing ahead of a general launch.
The app is designed to allow users to create groups for social events and share a unique payment link for friends to pay them back.
The new app comes from tech entrepreneur Luke Massie, CEO of VibePay and existing tickets marketplace Vibe Tickets.
Following a closed testing phase in September made available to existing Vibe Tickets users, just over 12,000 people have signed up to a waiting list to gain access to the new app.
Massie and team are now looking to gain feedback from those outside what it calls the ‘Vibe Community’ as it begins a wider beta rollout.
The company is aiming to increase its active user base to 100,000, within the next few months, with users linking their primary bank accounts to their profiles.
Built on open banking technology, its banking gateway, which the company refers to as ‘the engine’ is an aggregated layer, which integrates into existing banking infrastructure.
It reports that its users have sent friends a total of £250,000 in requests through the app, which integrates with 14 high street banks and challenger Monzo.
Next year the firm said it aims to have the remainder of UK banks onboard.
Future plans for the app include the addition of a social feed which will allow users to keep track of conversations around money owed, a premium service aimed at those running a side business, and a B2B solution.
IT said it will also will open up its payment and data API’s to third parties, with Vibe Tickets planned as its first integration.
“It’s been a busy first few months for VibePay, since receiving accreditation from the FCA. Our brand is trusted and followed by over 150,000 across social media,” said founder and CEO, Luke Massie.
“We now work with all the UK’s major banks, we’ve demonstrated product market fit in yet another vertical and created real excitement for VibePay’s social payments offering here in the UK, just as Venmo have done in the US and WeChat in Asia.
“With Open Banking, there’s no reason why receiving payment shouldn’t be as quick and easy as sending a text. With VibePay, we’re making this a reality.”