The API-powered payment processor wants to help brands understand how their Gen Z customers shop online.
VibePay, the Gen Z-focussed payments app, has launched an Open Banking-powered business platform.
The platform lets companies use the API-driven platform to simplify subscription and checkout processes on their websites.
VibePay says the new platform boasts an increased transaction rate and will bring down fees for SMEs.
To help launch the new system, VibePay received an additional £1.25m in funding from its existing investors, taking the total raised by the company to just under £6.5m.
Luke Massie, CEO and founder of VibePay, said: “By launching our latest products, we’re not only helping brands sharpen up their payments processes and boost their cash flow, we’re helping them deliver what their target customers want.”
“We’re not just another payments provider, we’re giving brands invaluable insights into who their customers are, where they shop and how they spend to offer tailored discounts, targeted offers, or related products and stay one step ahead,” he added.
The Vibe Data API will let companies access consumer insights by curating an activity feed for customers that gives firms a view of how their Gen Z customers spend.
As well as introducing its new platform, VibePay has set its sights on further European expansion, despite already adhering to the UK and the Berling Open Banking standards.
The fintech recently received the approval from several countries including, Germany, France, Netherlands and Luxembourg, to start implementing banks into the Vibe Banking Gateway,
Since launching its beta round in October 2019, the fintech has processed over £3m in requests and payments from customers and predicts this will reach £10m in the next quarter.