Home News Compliant payment system secures seed round led by SFC Capital, bringing total funding to £1.2m
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Compliant payment system secures seed round led by SFC Capital, bringing total funding to £1.2m

by jcp

Ryft will use the funding to accelerate their platform and team expansion

London, 1st September 2022: Ryft, the revolutionary PSD2 compliant payments system, has raised a large seed round, led by SFC Capital, the UK’s most active seed-stage investor. Additional investors include the ex-founder of Shutterstock and the founder of LoveFilm. Ryft enables automated next day payouts for marketplace businesses and their merchants, for a single flat fee per transaction.

The Ryft solution processes payments and then automatically diverts funds to merchants and sub-merchants (minus any commissions) the next working day. Think Stripe Connect without the high fees and lengthy payout wait times. The solution is completely PSD2 compliant. Ryft’s end-to-end solution handles everything from accepting online payments, verifying and onboarding merchants, to splitting up the payments however a business wants. This is all done through easy-to-use API documentation to remove complexity and fast track the development cycle.

The idea for Ryft came from 18-year long best friends and co-founders Sadra Hosseini and Alex Mackenzie first business getbutlr.com, a mobile ordering marketplace app for pubs and bars. They scaled this business up rapidly during the pandemic, reaching over a million customers and 500 active venues at their peak. They identified a gap in the market for the profitability of microtransactions and fast payouts and there Ryft was born. Many marketplaces are caught unaware of PSD2 compliance, presenting a unique opportunity to capture market share by presenting a solution that fixes this and takes administerial headache away from finance teams.

Ryft solves the current problems in the payment marketplaces of multiple sub merchants resulting in large periods of wasted time and multiple processes across different platforms. Ryft streamlines all of these processes in a singular efficient platform, protecting employees, protecting businesses from FCA fines, ensuring anti money laundering rules are followed and reducing the associated risks for marketplaces and their onboarding processes.

Sadra Hosseini, CEO and Founder of Ryft: “We are both incredibly excited to be working with SFC Capital to further our ability to provide seamless support to marketplaces and merchants within the industry and continue to solve the current problems associated with complex money routines under PSD2 regulation. Ryft was created to handle everything so your business doesn’t have to.”

Ed Stevenson, Investment Manager at SFC Capital: “We are excited to work with Ryft in supporting marketplace businesses with a unified payment platform designed to power B2B platforms and provide a seamless experience for merchants and marketplaces. Following the success of their first business, Sadra and Alex have put together the essential aspects to solve the pain points experienced in the business payment platform landscape.”

You may also like