Will more UK fintechs shut down in 2024?

Yes—expect 15-20% failure rate among Series A and below, driven by funding gaps and high rates.

What caused VibePay and SmartLayer to fail?

Funding drought, fierce competition, regulatory hurdles, and mistimed markets crushed their consumer-focused models.

Is UK fintech still a good investment?

Selective yes—target B2B, regtech, or embedded plays with real revenue traction.

VibePay and SmartLayer Fold: UK Fintech's Latest Casualties in a Funding Drought

Two more UK fintech hopefuls—VibePay's payments app and SmartLayer's AI home finance tool—just called it quits. It's a stark reminder of the sector's funding freeze.

Fintech Pulse Apr 02, 2026 3 min read 29 views

Faded logos of VibePay and SmartLayer against a rainy London skyline with a 'Closed' sign

⚡ Key Takeaways

UK fintech funding crashed 72% YoY, fueling shutdowns like VibePay and SmartLayer. 𝕏
Competition and regs doomed consumer payments and AI home finance niches. 𝕏
Expect more closures unless rates fall; pivot to profitable B2B models. 𝕏

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#SmartLayer #UK fintech #UK fintech shutdown #VibePay #fintech funding crisis #fintech shutdowns

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Originally reported by Finextra

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