Ryft Secures FCA License and Aims to Disrupt Payment Processing
Ryft, a UK-based startup, has obtained an FCA license after raising £1.2 million in seed funding in September.
The company’s platform processes payments for marketplaces and automatically directs the funds to merchants and sub-merchants on the following working day. This API-based service handles all aspects of payment processing, including online payment acceptance, merchant verification, and payment splitting based on a business’s preferences.
Ryft aims to be a low-cost alternative to “Stripe Connect” and to reduce the payout waiting times. The license approval allows Ryft to become a regulated payment facilitator with the world’s largest acquirers.
The business was created by founders Sadra Hosseini and Alex Mackenzie, who identified a market gap for microtransactions and fast payouts after building and selling a mobile ordering marketplace app for pubs and bars.
With the FCA license secured, Ryft plans to expand its in-house compliance team to facilitate more complicated payments, allowing B2B digital and marketplace platforms to monetize their technology’s payments and independently broker relationships with other organizations.
Hosseini says, “We are proud to have secured our FCA license after a year and a half. Ryft was designed to handle everything so your business doesn’t have to, and we are excited to continue supporting marketplaces and merchants in the industry.”