Ryft, a PSD2 compliant payments system, has closed a seed round, which was led by UK-based investor SFC Capital.
Other backers to the round include the ex-founder of Shutterstock and the founder of LoveFilm.
Ryft enables automated next day payouts for marketplace businesses and their merchants, for a single flat fee per transaction.
The idea for the PSD2 compliant payments system came whilst co-founders Sadra Hosseini and Alex Mackenzie were working at their first business getbutlr.com. This was a mobile ordering marketplace app for pubs and bars.
Hosseini and Mackenzie scaled this business during the pandemic, reaching over one million customers and 500 active venues at their peak. The duo identified a gap in the market for the profitability of microtransactions and fast payouts. This led to the creation of Ryft.
The Ryft platform processes payments and automatically diverts funds to merchants and sub-merchants the next working day. This end-to-end solution, which is a fully PSD2 compliant payments system, handles everything from accepting online payments, verifying and onboarding merchants, to splitting up the payments however a business wants.
This is all completed through an easy-to-use API documentation to remove complexity and fast track the development cycle.
Ryft CEO and founder Sadra Hosseini said, “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.â€
SFC Capital is no stranger to the FinTech sector. It recently joined the £205,000 pre-seed investment round of TikTok inspired investment platform Zeed. The company offers a mobile app that lets users watch educational video content on investment trends and general financial knowledge.
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