The fintech first launched a business platform in April 2020, with the new addition creating a comprehensive payment processing offering for SMEs.
Payments app VibePay has taken a step closer to becoming a one-stop-shop for payments by launching its very own business dashboard.
Luke Massie, CEO of VibePay, said: “In the past 12 months there has been a rapid acceleration of digital payments, a huge growth in social commerce, and a renewed focus from consumers in wanting to support SMEs and buy from people they know.”
“Our new dashboard enables SMEs to take advantage of this growth and pay and be paid by their customers easily and directly from account to account, removing the reliability of expensive card rails and wallet services.”
In September last year, Massie told AltFi: “I think Vibe’s got a good chance of taking market share away from PayPal,” and with the latest addition to its ever-growing payments app, this is looking more likely.
The new open banking-powered platform will enable SMEs to get a better picture of their business, allowing them to activate instant account to account payments with customers, view transactions and access financial data.
Users of the dashboard will also be able to integrate with third-party e-commerce platforms, create instant refunds and branded invoices, as well as the ability to view unique business insights to help SMEs drive growth.
Massie added: “It is the best of Open Banking in action and we are supporting businesses in reaching their potential through the next wave of payment innovation - creating meaningful connections between consumers and businesses through our technology.”
“Ultimately it means that SMEs will be able to focus on achieving their ambitions and growing their business, not managing payments.”
To date, Vibe has raised £6.5m, been downloaded more than 150,000 times and processed one million payment requests.