London-based fintech startup Ryft, which automates payment flows for marketplaces and digital platforms, has raised £5.7 million in a Series A funding round. The investment was led by EdenBase, with additional participation from GPOS Investments and British Business Bank.
- Founded in 2021 by Sadra Hosseini and Alex Mackenzie, Ryft provides a payment platform designed to automate payment flows for marketplaces and digital platforms.
- The platform simplifies complex multi-sided payments by handling split payments, delayed payments, subscription billing, and embedded finance. It integrates seamlessly with modern RESTful APIs and SDKs for Web, iOS, and Android.
- Ryft supports major payment methods such as Visa, Mastercard, Apple Pay, and Google Pay. It also automates compliance with KYC/AML, PSD2, and PCI DSS, ensuring security and regulatory adherence.
- The firm processes payments for over 1,500 merchants, including Zoomdoc, Charac, Pharmacy Online, Future Ticketing, and Destination2.
Details of the deal
- The Series A round was led by EdenBase, a London-based venture capital firm that invests in startups across sectors like AI, blockchain, and quantum computing.
- The round also saw participation from GPOS Investments, British Business Bank, Pembroke VCT, SidebySide, and Ingenii VC, along with strategic angel investors, including PayPal executives.
- Early investor SFC Capital announced a partial exit during this round, delivering a 6.2x return for its backers.
"We're delighted to announce that SFC Capital has realised a partial exit from Ryft, the payment technology that's transforming transaction processing for marketplaces and platforms," SFC Capital's team, stated on LinkedIn.
- The fresh capital will help Ryft expand its product suite, refine its platform for complex payment flows, and introduce features like real-time transaction splits and conditional payouts. It will also support international expansion, team growth, and enhanced product capabilities.
"With this funding round, we’ll continue our mission of giving acquiring banks, marketplaces and platforms the technology they need to automatically split payments and process payouts at a much lower cost than solutions offered by Stripe Connect, Adyen and others in the market," co-founder and Managing Director at Ryft, Alex Mackenzie, commented on LinkedIn.
