34 DEALMAKERS
GETTING A GOOD VIBE
An ambitious Lancashire tech start-up has begun the next chapter of its development after being acquired by a global banking business.
VibePay, the creation of Preston entrepreneur Luke Massie, has joined forces with fast-growing international ‘Pay by Bank’ platform Banked.
Based in Lancaster, VibePay connects people, brands, sellers and banks with real time messaging and instant payments.
Like Cash App and Venmo in the US, the company has gained a loyal Gen Z and Millennial following, pioneering ‘Conversational Commerce’ through an innovative blend of personalised offers, peer-to-peer payments and financial insights.
The acquisition was supported by VibePay’s long-time supporter and investor, Candy Ventures, founded by UK businessman and Reform UK treasurer Nick Candy.
The partnership will bring together Banked’s seamless payment infrastructure platform with Vibe Pay’s next-generation consumer experiences and merchant insights tooling.
Operating under the Banked umbrella, consumers will gain access to personalised rewards, cashback and exclusive offers with every Pay by Bank transaction in the VibePay app – delivering tangible value with every spend.
Luke Massie
VibePay’s new AI-powered insights and buyer recommendation engine – an industry first in
Open Banking – was another key driver behind the acquisition.
Luke first launched Vibe from a hot desk at Preston’s Cotton Court business centre as a teenager. More than a decade later, VibePay has grown into a key player in the fintech industry, with more than £15m raised and a vision to reshape how people pay online.
He said: “This deal is a really positive one. Not only for me as the founder of Vibe and being from the North, but also for the UK and in particular UK fintech in general.”
Luke, who will join the Banked board at the completion of the deal, which is awaiting FCA approval, added: “We’ve spent years building technology that genuinely connects people – not just for transactions, but for experiences.
“By joining forces with Banked, we now have the infrastructure, global reach and merchant access to supercharge what we’ve built, and deliver real value to consumers at scale.”
With operations across the UK, Europe, US and Australia, Banked is backed by strategic investors and partners including Bank of America, NAB, FIS and Citi.
MHA TAKES THE IPO ROAD TO GROWTH
In what has been described as a win for the business and London’s stock exchange, accountancy firm MHA’s £271m initial public offering (IPO) went live on April 15.
The listing on the AIM took place in the face of the turbulence created in markets across the globe by Donald Trump’s tariffs.
Accounting and advisory firm MHA, which has offices in Preston and Lancaster, raised £98m through an institutional placing and retail offer.
The £217m market cap on admission was the junior stock market’s largest IPO in the business support services sector over the past five years.
MHA chief executive Rakesh Shaunak said: “We have built a sustainable business and we were very pleased that the market responded favourably.”
The company announced record revenues for 2024, up by nearly 30 per cent. Its revenue has doubled in the last four years from £90m in 2020.
And it has a “medium-term” aspiration
to become a top 10 UK accounting and professional services business with expansion plans that extend into Europe.
The firm, the UK member of Baker Tiller International, opted for an IPO over a private equity buyout, describing it as “the most attractive, sustainable route for the long-term benefit of its people and its clients.”
Rakesh Shaunak said: “With the substantial amount of capital raised, MHA can make investments in technology, in particular artificial intelligence, as well as fund further acquisitions to become an even more attractive proposition to new recruits at both a senior and entry level.
“Control of our strategic destiny will very much remain in the hands of our board and our partners.
“Going down the IPO route will also give our people a real stake in the future of our business via a significant employee benefit trust.
“And, crucially, it would allow us to offer equity participation to future partners and leaders,
Rakesh Shaunak
ensuring they have a direct stake in the firm’s continued growth.”
MHA merged with MHA Moore and Smalley in April 2024, creating the 13th largest accountancy group in the UK.
That merger created a firm of chartered accountants and business advisers employing more than 1,745 people and 22 offices.
MHA Moore and Smalley employed 400 people across offices in Preston, Liverpool, Manchester, Blackpool, Kendal, Lancaster and Nottingham.
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