According to the official press release, the competition for this grant provided by Innovate UK was tight, with only 8% of applicants receiving the funding they needed – Ryft being one of them. In addition to the grant, successful applicants will also receive support from the Innovate UK team in terms of providing business development and direction.
Ryft intends to use the grant to fund several areas of its business, including expansion into the travel and events industries. To aid in this, Ryft will be expanding its technical team to bring new functionality to its existing product, allowing for expansion into new markets. Traditionally, payment processing systems within the travel industry have been managed by manual systems, which are not conducive to modern transactions. Knowing the difficulties expressed by large travel merchants it is currently working with, Ryft plans to fully automate payment flows within the travel industry, removing existing frictions and promoting ease of use.
Ryft enables its customers with automated `next day` payouts for marketplace businesses, extending this benefit to both their customers and clients, for a single flat fee per transaction. Its PaaS service offers users the possibility to go through a fast and secure process of onboarding while utilising its KYC/KYB solutions, with the average approval time being allegedly just a few hours to remove the sub-merchant sign-up friction.
In April 2023, the company secured its UK Financial Conduct Authority (FCA) licence and began to operate as a regulated payment facilitation. The licence was obtained a couple of months after the company secured GBP 1,2 million in a seed round in August 2022.
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