Company: Ryft
Founders: Sadra Hosseini and Alex Mackenzie
Website: https://ryftpay.com/
About Ryft
Ryft is a payments system that solves the challenges of costly and slow marketplace transactions. We’re fully aligned with PSD2 regulations, allowing for fast, next-day payouts and automated financial workflows.
One of our previous businesses was a marketplace, and we saw the pain points of all the available solutions first-hand.
There were only a small handful of companies that could do payments for marketplaces. When new regulations for marketplaces were launched in January 2020, there were a lot of friction points with other payment processors.
They were too expensive, too slow to pay out, they couldn’t do complex payouts or long-term escrows and finance teams had to mess about with manual payouts. So we decided to build a better solution.
We built a payment processor for ourselves, plugged it into our marketplace, and then started scaling it out in December 2021. What we built is a payment platform that allows marketplaces to become PST2 compliant (2020 regulations), automate the money flow and simplify transactions.
We’ve scaled rapidly and managed to get the FCA licence in April 2023 after 15 months of work (for context, only 5% of companies get it, which is a testament to our hard work over the last couple of years).
We target two main audiences: digital platforms and marketplaces & bankers and acquirers.
We’ve identified two primary pain points: the excessively high costs prevalent in the industry and the hindrance caused by a long sub-merchant onboarding process, leading to significant churn.
We bring a sense of urgency into the traditionally slow-paced financial sector. This helps our clients with more effective and cost-efficient payment processing through rapid onboarding, enabling merchants to transact immediately, and 6-hour payouts.
With a commitment to cost-effectiveness, we offer more flexible pricing structures. Our platform supports long-term escrow for up to a year, a distinctive feature compared to the industry norm of 30/60 days, and provides a fully white-labelled experience. Essentially, we have been helping our clients make more money more efficiently!
So far we partnered with some big names like EasyFood, and we continue to gain new clients as a testament to the quality of our platform. Ryft grew 35x towards the end of 2022 and we continue to grow rapidly.
Ryft plans to be THE payment system for marketplaces and digital platforms. Having grown rapidly across the UK, we look to expand to the EU and US quickly. Our focus is on the customer and creating a system that makes the day-to-day management of platforms as easy as possible while achieving a compliant setup.
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