InvestEngine: 98% conversion rates with commercial VRPs drives growth
When commercial VRP (cVRP) went live in the UK in May 2026, InvestEngine was one of the first businesses in the country to switch it on.
The commission-free investing platform has worked with TrueLayer for years, but the arrival of Bank on File marked something bigger: the moment recurring payments finally caught up with the rest of a modern investing experience.
Two months in, InvestEngine is seeing a 98% conversion rate on Bank on File, TrueLayer's recurring payment method/product powered by cVRP, alongside growing adoption and a measurable acceleration in assets under management. Nick Øen, Head of Product for Payments at InvestEngine, spoke to us about what happens when a business moves early on the right payment technology.
The challenge: When a failed payment costs more than the payment
For an investing platform, a payment is a moment of intent. A client has decided to put their money to work, and everything about that moment needs to feel fast, safe, and effortless. When it doesn't, the damage goes well beyond the missing pounds:
“A failed recurring payment has monetary impact, but also it has reputational impact. The relationship you have with the client is very important, so if that payment mechanism fails that individual, that's not a great experience for that customer. To have something which is reliable, consistent and works every time is really, really important for us. If a customer can't do what they want to do, then they might as well go elsewhere.”
“If a customer can't do what they want to do, then they might as well go elsewhere.
Nick Øen, Head of Product for Payments
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What is Bank on File?
Bank on File is a new capability of Pay by Bank that lets merchants capture user consent, so you create an instant one-click payment experience or take repeat payments into the future. Learn more about Bank on File with this complete guide.
The traditional option for recurring deposits, direct debit, carries that risk baked in. The signup is slow, the settlement is slower, and the whole experience puts a third party between the customer and their bank.
InvestEngine needed a recurring payment method that matched the trust, speed and simplicity its clients expected from the rest of the product.
The solution: A high-converting recurring payment set up in under a minute
When commercial VRP became a reality in the UK, InvestEngine wanted to be at the front of the queue. Already live with TrueLayer with Pay by Bank, adding Bank on File was a natural extension. They become one of four merchants to go live on launch.
“The introduction of commercial VRP really signified the advancement and deepening of the relationship with TrueLayer. The product performs really, really well. And so when the next epoch, the evolution of VRP into the commercial space, came on, this just felt like the right move for us to make."
“The introduction of commercial VRP really signified the advancement and deepening of the relationship with TrueLayer.
Nick Øen, Head of Product for Payments
Nick immediately noticed the change in experience for customers moving from the slower, more cumbersome traditional payment methods to this form of Bank on File.
“Commercial VRP can be set up in a matter of moments. It takes less than a minute or so for an individual to go into their bank account, create the recurring agreement, and then from a payment perspective, those payments can start pretty much instantly, instantly thereafter. The other thing is that this is a relationship the individual has directly with their own bank. So we're not asking them to give their details to a third party who they don't know. It's the bank that they bank with every day."
This fast and trustworthy experience has resulted in a 98% conversion rate.
The results: An increase in assets under management
After two months, InvestEngine is already seeing a tangible return on their cVRP investment.
"With that 98% conversion rate, the commercial impact on our business is very noticeable. It’s a significant uplift in terms of the ability for our clients to convert. From our perspective it just shows that the overall payment solution and payment journey that we're offering to our clients is what they need. It's effective. And it's having a positive impact on our growth as a business as well."
“The commercial impact of the 98% conversion rate on our business is very noticeable.
Nick Øen, Head of Product for Payments
The underlying conversion rate is what makes it possible. And because InvestEngine's growth is measured in assets under management, those successful payments compound directly into commercial performance.
"Successful payments enable our clients to invest as they want to. And as we invest on their behalf, our overall assets under management are growing more rapidly as a consequence of those successful payments."
Client feedback has followed the same curve.
"The feedback so far has been really positive. We've seen a massive uplift in commercial VRP take-up by our clients. The uptake hasn't slowed down since we introduced it around two months ago. It's a real game changer, I think.”
The future: One Click Checkout and further bank coverage
InvestEngine recently passed the 150 000 client mark, a huge milestone for the business. Nick sees cVRP as a key lever in scaling this growth.
“I see Bank on File taking InvestEngine even further on its growth trajectory. What we're seeing so far is huge uptake of the product, which enables our ability to grow faster and faster.”
“I see Bank on File taking InvestEngine even further on its growth trajectory.
Nick Øen, Head of Product for Payments
Alongside the speed and high conversion of cVRP payments, other industry developments and product features of Bank on File will bring added value in InvestEngine’s future.
“There's a lot of scope with commercial VRP to grow. For example bringing on new banks and looking at new feature capabilities around the product, like one-click checkout. We feel that this technology is going to be very important for us moving forward over the next few years."
Nick recommends Bank on File as a competitive advantage in the industry.
"I would say to a similar platform debating whether or not to use Bank on File that it is an opportunity which is definitely worth exploring. Through the experiences we've had at Invest Engine and my own personal experience of how payment methods work and how the clients interact with such things, there's a huge amount of advantages here."