Ryft Raises £5.7M to Disrupt Payment Ecosystem

Manchester-based FinTech company Ryft has successfully raised £5.7 million in a Series A funding round to further develop technology aimed at enabling acquiring banks to compete with payment giants like Stripe Connect and Adyen. This new funding brings Ryft's total investments to £7.4 million. The round was led by EdenBase and included participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC, along with strategic angel investors from PayPal. Founded by Sadra Hosseini and Alex Mackenzie, Ryft aims to provide a secure and compliant payment solution for businesses operating within marketplace and platform models, which require capturing, splitting, holding, and processing payments for multiple parties. The company's innovative approach addresses the complexities and costs associated with existing third-party payment facilitators, allowing businesses to manage and monetize payments efficiently. With the new funding, Ryft plans to transform the $20 trillion acquiring ecosystem by offering acquiring banks the ability to automatically split payments and process payouts at lower costs compared to existing providers, thus enhancing their competitiveness in the modern Commerce 2.0 landscape. Ryft has already partnered with American Express, Visa, and has become a Mastercard Network Enablement Partner.