British startup Fintech Ryft raised $ 7.3 million In the series has funding to extend its payment transport platform on new markets.
Founded by Sadra Hosseini and Alex Mackenzie series entrepreneurs, Ryft provides tools for markets, booking applications and food delivery services to manage multi -party payments for what the startup calls “Commerce 2.0”.
“Commerce 1.0 was simple – you sold a product and you are paid,” Business Insider Sadra Hosseini told the startup. “Now, in Commerce 2.0, £ 100 could have to be divided between a driver, a restaurant and a platform.”
The Ryft name comes from “Rift”, as in a split – which, according to Hosseini, reflects the main product of the startup. The platform also manages compliance checks and real-time integration.
Ryft earns money by charging costs on the transactions dealt with by its infrastructure. It gives the acquisition of banks – financial institutions that treat credit and debit payments – and platforms the possibility of adding their own margin on each transaction. Ryft then obtains part of this and also White-Marche its platform for buyers, who pay for access and use.
Ryft, based in London and Manchester, recently joined Clearhaus, the second largest acquisition bank in Denmark. He has
The A series was directed by Edenbase, with the participation of GPOS Investments, British Business Bank, Pembroke VCT, SideByside and Ingenii VC, a first donor of Starling Bank funds. Ryft also brought Victorum based in the United States and a general practitioner from Paypal Ventures.
Hosseini said the startup was planning an expansion in the EU this quarter and the United States in the third quarter.
“We did not raise this to survive – we had already broken even. This round consists in increasing,” said Hosseini. “This means international growth, more hiring and the launch of omnichannel payments.”
Here is the 16 pages pitch Ryft used to win 7.3 million dollars, or 5.7 million pounds sterling, shared exclusively with Business Insider.
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