Ryft, a Manchester-based payments technology firm, has secured £20 million in Series B funding to fuel its expansion into Europe and the U.S. The investment round was led by Gresham House Ventures, with participation from existing backers Pembroke VCT and Ingenii Capital.
Rapid Growth Fuels International Ambitions
This funding follows a year of significant growth for Ryft. The company has tripled its processing volume in the past 12 months, with over 6,500 businesses now utilizing its payment system. The new capital will be used to further develop Ryft’s products and target larger, high-growth enterprises alongside its international expansion.
As part of its European strategy, Ryft has applied for a full EU license from the Malta Financial Services Authority. This license would enable the company to offer its services across the European Economic Area.
Challenging the Status Quo
Hosseini highlights the dominance of a few established players in the payments industry, stating, “We want to provide a powerful and efficient alternative to businesses, not just in Europe, but globally.”
Founded in 2021 by Hosseini, Alex Mackenzie, and Richard Kirby, Ryft specializes in payment technology for marketplaces, platforms, and multi-location businesses. Its system offers features like seller onboarding, recurring billing, automated split payments, and cross-border payouts through a single integration.
Ryft has also forged partnerships with major payment companies, including Visa, Mastercard, American Express, Global Payments, and Nuvei.
Backing a Fintech Leader
Rohit Mathur, partner at Gresham House Ventures, emphasizes the changing nature of commerce and the need for innovative payment solutions.
Fred Ursell, head of investments at Pembroke Investment Managers, praises Ryft’s focus on solving a complex problem.
Ursell also commends Ryft’s leadership and long-term vision, stating, “This is the third time we have backed Ryft, and our largest investment in the company to date.”
Infrastructure and Sovereignty Concerns
As commerce moves toward instant, multi-party platforms and agent-initiated payments, control of the underlying infrastructure becomes a matter of national economic sovereignty. This shift goes beyond reducing merchant costs, raising questions about who owns the systems facilitating these transactions.
