Ryft secures £5.7 million to enhance payment solutions

Ryft, a UK-based fintech startup, has successfully raised £5.7 million in Series A funding, bringing its total funding to £7.4 million. The investment, led by EdenBase with participation from several investors, aims to develop technology that empowers acquiring banks to compete with major payment providers like Stripe Connect and Adyen. Founded by Sadra Hosseini and Alex Mackenzie, Ryft offers a decentralized payment solution designed to facilitate complex multi-party transactions, essential for modern digital platforms. The company has already seen significant adoption, with over 1,500 businesses reporting cost savings of up to 62% after switching from other payment services. Ryft is also planning to expand its operations into new markets, including the EU and the US, while enhancing its technology and team. The startup's innovative approach seeks to streamline payment processes and improve compliance for businesses operating within the evolving landscape of commerce.