Ryft obtains GBP 5.7 million in a Series A funding round

Led by EdenBase and with participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC, the funding is set to assist Ryft in creating the technology that allows acquiring banks to improve their position in the industry. Through its solutions, Ryft seeks to assist businesses in processing, managing, and monetising payments at scale in a secure and compliant manner.

Receiving the GBP 7.4 million funding follows Ryft’s partnership with Future Ticketing, with the two companies working on offering the latter’s customers an additional payment option centred on optimising operational efficiency. With this move, Future Ticketing sought to provide more flexibility by integrating Ryft’s end-to-end payment solutions, allowing users to choose Ryft as their payment provider.

Facilitating growth for acquiring banks

Ryft focuses its efforts on equipping acquiring banks with the technology required to divide payments automatically and process payouts at a decreased cost. Additionally, the company provides marketplaces and platforms with the ability to hold funds until particular conditions are met via a delayed payment capability, supported by an escrow licence. Through this, acquiring banks can maintain their position in the commerce landscape by meeting the payment needs of marketplaces and digital platforms.

Furthermore, besides leveraging the capital to assist acquiring banks, Ryft seeks to use part of the funding to scale its modularity. The company plans to further develop advanced payment solutions while also accelerating its international expansion into more markets. Since obtaining GBP 1.2 million in seed funding in 2022, Ryft received its UK Financial Conduct Authority (FCA) licence to begin operating as a regulated payment facilitator, as well as teamed up with American Express and Visa. At the same time, the company integrated with multiple acquirers to achieve payment orchestration that offers significant uptime.