Ryft bags £5.7 million Series A to equip marketplaces and platforms with online payment solutions

Ryft, a PSD2 and FCA approved decentralised payments specialist, reports a £5.7 million Series A round to fund the development of technology that, it says, will enable acquiring banks, like Clearhaus, to compete with Stripe Connect, Adyen, and similar payment providers in the market.

The round was led by EdenBase, with participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC. It was also joined by strategic angel investors, including executives at PayPal.

Ryft was founded by Sadra Hosseini and Alex Mackenzie, whose digital platform, Butlr, was acquired by OrderPay in 2021. While building Butlr, they experienced highly limited options for compliant payment solutions that support marketplace and platform transaction flows.

Ryft gives acquiring banks the technology needed to automatically split payments and process payouts at, the company claims, a much lower cost than solutions offered by Stripe Connect or Adyen. It also provides marketplaces and platforms with the ability to hold funds until specific conditions are met through a delayed payments feature, facilitated by an escrow license. 

Hosseini says: “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 a single transaction within a marketplace involves numerous parties and processes, businesses are in a position where they have to deliver payment operations that meet the evolving needs of their customers.”

“Currently, the likes of Stripe Connect and Adyen dominate the payments ecosystem despite high fees, complicated integrations, poor support, and prolonged payment wait times. We have the technology that offers a collaborative and efficient alternative.”

Since its £1.2 million seed funding in 2022, Ryft has secured its FCA license, partnered with American Express and Visa, and has become a Mastercard Network Enablement Partner. It also integrated with multiple acquirers to achieve payments orchestration that delivers 99.9% uptime.

Ryft became profitable two and a half years after launch and has consistently tripled its gross merchandise value year-over-year. The team is looking to repeat this revenue growth over the next 18 months while also scaling headcount.

The cash will also be used to to enhance the modularity of Ryft. The aim is to double down on the development of innovative and efficient payment solutions while accelerating international expansion into new markets.

Rasmus Ny Sejer, Compliance Officer and MLRO at Clearhaus, comments: “Ryft is a valued partner with a commitment to compliance, collaboration and outstanding technical support that enables our marketplace merchants to be successful. This has created a strong foundation for our mutual long-term growth.” 

Eric Van der Kleij, General Partner at EdenBase, says: “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.”

Fred Ursell, Investment Director at Pembroke VCT, comments: “We backed Ryft because we saw a team with deep payments expertise, the ambition to challenge incumbents, and the execution to make it happen.”

“Their rapid growth, capital efficiency, and ability to turn payments from a cost centre into a profit driver stood out. With a modern platform and strong regulatory positioning in an industry with attractive, long-term fundamental growth drivers, Ryft is well positioned to scale. We’re excited to support Sadra, Alex, Richard, and the team on their journey.”

2025 RTIH INNOVATION AWARDS

Payments will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which will open for entries in April, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.