Key facts
- Fintech Ryft has raised £5.7 million in Series A funding.
- The funding will be used for international expansion and team growth.
- Ryft offers embedded payment solutions for digital platforms and marketplaces.
- The company aims to provide an alternative to payment providers like Stripe Connect and Adyen.
- Ryft's technology allows for splitting payments and processing payouts at a lower cost.
- Businesses switching from Stripe have reported savings of up to 62 percent.
UK fintech startup Ryft has raised £5.7 million in a Series A funding round, which it plans to use for international expansion and team growth. The company provides embedded payment solutions for digital platforms and marketplaces, aiming to challenge dominant players like Stripe Connect and Adyen.
The round was led by EdenBase, with participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC, as well as strategic angel investors including executives from PayPal and US-based Victorum. This latest funding brings Ryft's total investment to £7.4 million.
Founded by Sadra Hosseini and Alex Mackenzie, Ryft addresses the complexities of "Commerce 2.0" transactions, where payments often need to be split among multiple parties, such as drivers, restaurants, and platforms. Its technology enables acquiring banks, like Clearhaus, to process these split payments more efficiently and at a lower cost compared to existing solutions. Ryft claims businesses that have switched from Stripe have reported savings of up to 62 percent.
The company also handles compliance checks and real-time onboarding for its clients. Ryft plans to expand into the EU this quarter and the US in the third quarter, with the goal of scaling its operations globally.