Vybe, a challenger financial institution aiming to offer monetary companies to teenagers, is planning a European launch subsequent 12 months.
The fintech emerged in September 2020 and affords a free cost card for customers aged 13 to 18 years previous.
Prospects obtain an IBAN and might make purchases with their cell phone. The app additionally consists of private finance administration companies.
Mother and father of the customers can utilise a mirror app to trace spending and make transfers between accounts.
Vybe is registered in each France and the UK. Within the former it operates as an agent on behalf of Edenred subsidiary PPS, piggybacking on its Belgian digital cash establishment licence (EMI).
Utilizing PPS, Vybe points a Mastercard digital card as commonplace, pinned to a digital pockets. Later this 12 months the pair plan to challenge bodily playing cards for ATM withdrawals.
Within the UK, Vybe is registered as an agent of PayrNet, a subsidiary of Railsbank, which has an EMI licence with the Monetary Conduct Authority (FCA).
Vybe’s founding staff declare a wide range of buyer sign-ups throughout their exercise. CEO Vincent Jouanne and chief product officer, Alexandre Pidault, notice that the challenger already has 950,000 on board.
Co-founder and chief advertising and marketing officer, Canelle Chokron, says that quantity is “100,000+”.
Jouanne stated in October he expects 300,000 extra signal ups in 2021.
The challenger has raised €2.2 million thus far, from a July angel funding spherical.