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 the 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.
Compliant Payment System Secures Seed Round Led By Sfc Capital, Bringing Total Funding To £1.2m.Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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