Ryft, a PSD2 compliant payments system located in London, solves the present challenges in payment marketplaces of various sub merchants, which result in long periods of wasted time and several processes across different platforms.
After a £1.2M seed round fundraising in August of last year, the firm has now announced that it has received a UK licencing from the Financial Conduct Authority (FCA).
The licence approval opens the door for Ryft to become a regulated payment facilitator with some of the world’s largest acquirers, the company said in a press note.
Getting an FCA licence is exceedingly difficult, and the FCA is commonly regarded as the gold standard as a regulator, with it being one of the most onerous steps a business must go through. Just 5% of organisations (of any size) make it through the application process, and a team of 14 is even more unusual, the company revealed.
The FCA licence will allow Ryft to grow its in-house compliance staff, which will be managed by Grant Campbell, the new Head of Compliance and Money Laundering Reporting Officer (MLRO). This will enable the company to handle more complicated payments, allowing B2B digital and marketplace platforms to monetize payments across their technology and autonomously broker partnerships with other organisations.
Ryft, founded by Sadra Hosseini and Alex Mackenzie, accepts payments and immediately redirects funds to merchants and sub-merchants the following working day.
The company’s goal is to condense all of these processes into a single, efficient platform, lowering the risks associated with marketplaces and their onboarding processes. Furthermore, the solution is fully PSD2 compliant.
The fintech firm’s technology covers everything from receiving online payments to validating and enrolling merchants to splitting up payments in any way a firm desires.
All of this is accomplished through simple API documentation, which reduces complexity and speeds up the development cycle.
Idea of Ryft inspired by Butlr
The concept was inspired by their previous business restaurant ordering app Butlr, which was acquired by OrderPay.Throughout the pandemic, they rapidly expanded their business, reaching over a million clients and 500 active venues before the platform was acquired. They found a market gap for the profitability of microtransactions and quick rewards, and Ryft was formed. Many markets are unaware of PSD2 compliance, giving a unique opportunity to win market share by presenting a solution that fixes this and relieves finance teams of administrative headaches.
Sadra Hosseini, CEO and Founder of Ryft said, “We are both incredibly proud to have secured our FCA licence after a year and a half. This furthers our ability to provide support to marketplaces and merchants in the industry. Ryft was created to handle everything so your business doesn’t have to.”