Ryft is the payment system for marketplaces and digital platforms. We allow marketplaces to scale rapidly without worrying about compliance and regulations, especially PSD2. An end to end product that is simple to integrate, yet very flexible to match the complexities of marketplaces as they evolve.
How did you come up with the idea for the company?
3 years ago we launched and rapidly scaled a marketplace platform to 1m users before it was acquired. Very quickly we realised the limitations of current payment solutions when it comes to marketplaces and saw the opportunity to build a unicorn in this sector.
That was the beginning of the journey for Ryft, actually living the pain points of marketplaces placed us in a very advantageous position to build the perfect solution for other platforms.
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How has Ryft evolved over the last couple of years?
Ryft has become a lot more complex over the last couple of years. In the early days it would have taken a couple of months to onboard a client. We’ve now got this down to days which is exciting. We also meet weird and wonderful marketplaces everyday and build specific features that unlock new revenue streams for other clients on the platform.
An example of this is the ‘Transfer API’ which allows a marketplace to immediately split payments to multiple vendors at checkout, removing any sort of manual process when it comes to reconciliation.
What can we hope to see from Ryft in the future?
At Ryft we see the industry shifting from centralised platforms such as ecommerce websites to more decentralised solutions such as marketplaces, P2P and web 3.0. We aim to sit in the middle of this decade-long transition and facilitate it through Ryft. Hence you will see exciting new additions to allow for these companies to scale through Ryft.
