Ryft Raises £1.2 Million in Seed Funding Round

Ryft, a London-based PSD2 compliant payments system, announced that it has secured £1.2M in a Seed round of funding led by SFC Capital. Other investors, including the ex-founder of Shutterstock and the founder of LoveFilm, participated.

The company will use the funds to accelerate its platform and team expansion.

Sadra Hosseini, CEO, and Founder of Ryft, says:"We are both incredibly excited to be working with SFC Capital to further our ability to provide seamless support to marketplaces and merchants within the industry and continue to solve the current problems associated with complex money routines under PSD2 regulation. Ryft was created to handle everything, so your business doesn't have to."

Ryft solves the current problems in the payment marketplaces of multiple sub-partners, resulting in significant periods of wasted time and multiple processes across different platforms.

Ed Stevenson, Investment Manager at SFC Capital, says:"We are excited to work with Ryft in supporting marketplace businesses with a unified payment platform designed to power B2B platforms and provide a seamless experience for merchants and marketplaces. Following the success of their first business, Sadra and Alex have put together the essential aspects to solve the pain points experienced in the business payment platform landscape."

Source: Tech Funding News