Ryft, a London-based PSD2 compliant payments system, announced that it has secured £1.2M in a Seed round of funding led by SFC Capital. Other investors, including the ex-founder of Shutterstock and the founder of LoveFilm, participated.
The company will use the funds to accelerate its platform and team expansion.
Sadra Hosseini, CEO, and Founder of Ryft, says, “We are both incredibly excited to be working with SFC Capital to further our ability to provide seamless support to marketplaces and merchants within the industry and continue to solve the current problems associated with complex money routines under PSD2 regulation. Ryft was created to handle everything, so your business doesn’t have to.”
Ryft solves the current problems in the payment marketplaces of multiple sub-partners, resulting in significant periods of wasted time and multiple processes across different platforms.
Compliant payment system
Founded by Sadra Hosseini and Alex Mackenzie, Ryft solution processes payments and automatically diverts funds to merchants and sub-merchants the next working day.
The company aims to streamline all of these processes in a singular efficient platform, reducing the associated risks for marketplaces and their onboarding processes. In addition, the solution is completely PSD2 compliant.
The company’s solution handles everything from accepting online payments, verifying and onboarding merchants, to splitting up the payments however a business wants.
All these are done through easy-to-use API documentation to remove complexity and fast-track the development cycle.
SFC Capital
SFC Capital is UK’s early-stage investment world, providing seed capital and support to promising British startups.
Ed Stevenson, Investment Manager at SFC Capital, says, “We are excited to work with Ryft in supporting marketplace businesses with a unified payment platform designed to power B2B platforms and provide a seamless experience for merchants and marketplaces. Following the success of their first business, Sadra and Alex have put together the essential aspects to solve the pain points experienced in the business payment platform landscape.”
