Ryft has announced an achievement in securing a grant from Innovate UK under the ‘Innovation within Professional and Financial Services’ tender.
The grant, part of a highly competitive £5 million funding pot, aims to promote innovation in professional and financial services. Only 8% of applicants succeeded in this highly competitive round, marking a significant achievement for Ryft.
The grant not only provides financial support but also access to the Innovate UK team for further business development and strategic guidance.
Innovate UK, a national agency, plays a crucial role in fostering business growth and spurring innovation across various UK industries, including healthcare and aviation. Through its diverse grant schemes, such as Horizon Europe and Energy Catalyst, Innovate UK enables businesses to expand their services and products, supporting rapid growth and scaling.
Ryft has experienced a remarkable growth spurt, with a 300% increase in business figures throughout 2023. To maintain this momentum and drive innovation, Ryft plans to use the grant to fund various business growth areas. This includes branching into the travel and events sectors and expanding its technical team to enhance its product’s functionality, allowing for market diversification.
A key focus for Ryft is revolutionising the payments processing systems within the travel industry. These systems are currently bogged down by outdated, manual processes not suited for modern transactions. Ryft aims to automate these payment flows, alleviating existing challenges and improving user experience.
Ryft’s Founder and CEO, Sadra Hosseini, expressed his enthusiasm: “Following an extremely complex application process, we are delighted to have been awarded a portion of the Innovate UK grant for professional and financial services.
“This grant allows us to take the next steps towards expansion into new markets, where we feel Ryft will make a real improvement to the existing payment platform offerings available. We’re looking forward to growing our team, whilst building upon the current functionalities our merchants rely on in their everyday transactions.”
Hosseini also added, “We’d like to thank our advisors for recommending the grant to us, and Innovate UK for supporting us on the next steps in our journey towards business growth and market expansion.”
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