The British Business Bank is a government-owned development bank created to increase the supply and diversity of finance for smaller businesses in the UK.
The Series A round was led by EdenBase to accelerate technology development for acquiring banks and drive international expansion.
"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."
The funding was backed by Foresight Group and the Development Bank of Wales to accelerate product development and team expansion.
"We are excited to be working with the Development Bank of Wales on our first joint investment into Nisien AI. We are keen to see the improvements Nisien.AI will provide to online safety and look forward to working together with the Nisien team."
Maven Capital Partners and the Investment Fund for Scotland backed the Glasgow-based marketing technology platform.
"Technology enabled product sampling is an exciting and fast growing market. Triyit is well positioned in the space with a strong consumer following and traction gained with a number of well known, established brands. The company has achieved impressive growth to date, and we look forward to supporting Alex and the team as they embark on the next stage of their strategy."
The funding round was facilitated by Mercia Ventures and marks the first deal from the Midlands Engine Investment Fund II.
"Unlike vehicle assembly, where processes are repeatable, with aircraft the need for lightweight components and high precision means that no two operations are the same. For this reason automation has so far proved too difficult or too costly. Our robot guidance systems overcome these challenges. The investment from the Midlands Engine Investment Fund II will enable us to consolidate our position and start work on the next generation of products to ensure we maintain our position as thought leaders in the industry."
