Fieldfisher's FinTech M&A team has advised the founders of Vyne, Karl MacGregor and Adam Rowland, and key Vyne investors including Triple Point Ventures, on the successful cross-border sale of Vyne Group Holdings Limited.
Vyne, the UK-based open banking account to account payments business, has been sold to Dubai-based Tarabut Holding Limited, following regulatory consents in the UK, UAE and Saudia Arabia.
Founded in 2019 and based in London, Vyne provides payments services to online businesses in the retail, travel, iGaming, financial services and SME sectors. Vyne's technology gives merchants opportunities to engage customers through more digital channels such as QR codes and pay-by-link, which can be sent by email, SMS or in person. It helps businesses grow by increasing conversion, reducing cost per transaction, streamlining invoicing, and providing a real-time view of cash-flow.
The integration of Vyne’s advanced technology into Tarabut's operations will bring cutting-edge account-to-account payment capabilities to the Middle East and North Africa (MENA) region. With Tarabut's existing tech stack of data and compliance products alongside Vyne’s payment expertise, Tarabut seeks to enable businesses across the region to access seamless, cardless, account-to-account payments.
The deal is particularly topical given recent regulatory developments, including the PIS framework outlined by Saudi Central Bank – SAMA and upcoming open banking initiatives in the UAE.
The transaction was led by Fieldfisher Corporate Partner Thomas Colmer, who commented: "The complexity of this cross-border transaction involving regulatory approvals across multiple jurisdictions and technology collaboration, highlights the depth and strength of our M&A and FinTech expertise. We wish the Vyne team and Tarabut every success together."
Karl MacGregor, CEO of Vyne said "We selected Fieldfisher for their expertise and experience in FinTech cross-border M&A. Thomas and his team were pragmatic and strategic as much on the bigger picture as the detail and working through the various challenges of closing a complex deal in a coordinated, efficient way. I was very impressed with the advice, commitment and the professionalism of approach. A pleasure to work with and I would highly recommend doing so if you have the opportunity."
The wider Fieldfisher team Corporate Associates Vijay Chowdhary and Habibah Alao and Corporate Trainees Adam Spinner and Jessica Solsberg; Banking Partner Robin Spender and Director Igor Stermsek; Financial Services Regulation Partner Nicholas Thompsell; Technology & Data Partner James Walsh, Director Jordan Cliffe and Associate Tom Gilbert; Tax Partner Andrew Prowse; Equity Incentives Partner Mark Gearing and Senior Associate Josef Korchinsky.