UK FinTechs VibePay, Smartlayer Cease Operations

Two United Kingdom-based FinTech companies, VibePay and Smartlayer, have ceased operations and entered liquidation. VibePay, established in 2019, focused on account-to-account payments for younger consumers through its app. Its closure was precipitated by the failure of a planned acquisition by Banked to materialize, leaving the company without crucial support. Smartlayer's specific reasons for closure were not detailed in the report, but the dual shutdowns highlight the challenging economic environment and competitive pressures currently facing many startups in the financial technology sector.