Ryft raises £5.7m in Series A funding led by EdenBase to scale its payment technology
The Series A round was led by EdenBase to accelerate technology development for acquiring banks and drive international expansion.
Ryft operates as a payment services provider that delivers automated processing and reconciliation for digital platforms, marketplaces, and franchises. The company offers a consolidated architecture that combines online and in-person transactions through a single integration point.
Manchester-based payment innovator Ryft has secured £5.7m in a Series A funding round led by EdenBase. The financing included participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC, alongside strategic angel investors.
The capital will be directed towards accelerating technology development for acquiring banks and expanding internationally. Ryft plans to use the funds to enhance its modular payment platform and help financial institutions better serve modern multi-party commerce.
Founded by Sadra Hosseini and Alex Mackenzie, the firm delivers compliant payment orchestration at a significantly lower cost than traditional providers. The fresh injection brings Ryft's total funding to £7.4m following previous backing from investors including SFC Capital.
From the founder
"Acquiring banks and most businesses were built for the one-to-one transactions of Commerce 1.0. However, in the era of Commerce 2.0, where transactions within a single marketplace involve numerous parties, financial institutions are struggling to deliver payment operations that meet the evolving needs of their customers. As a result, they’re unable to compete with the likes of Stripe Connect and Adyen whose solutions currently dominate the payments ecosystem despite high fees, complicated integrations, poor support, and prolonged payment wait times. At Ryft, we have the technology that allows acquiring banks to overcome these hurdles and we’re actively exploring several strategic partnerships to solve this issue in the payments industry."
Sadra Hosseini
CEO and Co-founder at Ryft
Investor perspective
"Sadra and Alex are tried and tested entrepreneurs with first-hand experience of the headaches that finding a payment partner brings. As a result, they have created a unique solution that allows business owners to focus on growth, secure in the knowledge that their payments are being handled in a compliant, quick and cost-effective way. The renewed focus on growing the acquirer side of the business demonstrates their commitment to promoting efficiency and transparency in the marketplace and platform payments space, aligning with the modern demands of Commerce 2.0."
Eric Van der Kleij
General Partner, EdenBase
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Eric Van der Kleij
EdenBase
GPOS Investments
British Business Bank
Fred Ursell
Pembroke VCT
Sidebyside
Ingenii
