Ryft Raises $7.3 Million to Expand Embedded Payment Solution

Ryft has raised 5.7 million pounds (about $7.3 million) in a Series A funding round to continue expanding its embedded payments solution that helps marketplaces and platforms process, manage and monetize payments.

“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,” Alex Mackenzie, co-founder and managing director at Ryft, said in a Wednesday (April 9) post on LinkedIn.

Ryft’s solution enables business to accept online payments from major credit cards and preferred payment methods like Apple Pay and Google Pay; ensure smooth marketplace payments by automating split payments, customizing commission rates and holding funds until conditions are met; generate revenue from online payment fees; and process payments with full regulatory compliance, according to its website.

The company’s latest funding round was led by EdenBase, with support from British Business Bank, Pembroke VCT, The SideBySide Partnership, GPOS Investments, Ingenii VC and some executives from PayPal, Sadra Hosseini, co-founder and CEO at Ryft, said in a Wednesday post on LinkedIn.

“This means even bigger things ahead for Ryft; helping platforms, marketplaces and acquirers automate and scale payment flows efficiently, with full compliance,” Hosseini said in the post. “The funding will be used to help scale Ryft further internationally to really cater to our partners’ needs.”

Since its seed funding round of 1.2 million pounds in 2022, Ryft has secured a Financial Conduct Authority (FCA) license, partnered with American Express and Visa, and become a Mastercard Network Enablement Provider, Pembroke VCT said in a Wednesday post on LinkedIn.

“Ryft is transforming the payments landscape by providing businesses with a secure, compliant and scalable solution to process, manage and monetize payments with ease,” Pembroke VCT said in the post. “Already trusted by over 1,500 businesses, Ryft is streamlining the payment process and driving efficiency across several industries.”

When announcing its partnership with American Express in March 2024, Ryft said that move would enable its merchants in the U.K. to accept payments from Amex cards and gain Amex benefits.