Recently founded payments startup Ryft has secured its UK regulatory licence from the Financial Conduct Authority (FCA) as it looks to one day take on fintech giant Stripe.
Founded in 2022, Ryft has described itself as Stripe Connect, a payments integration solution, but “without the high fees” and lengthy payout wait times.
Used by B2B digital and marketplace platforms, Ryft’s product processes payments and automatically diverts funds to the relevant merchants and sub-merchants.
The platform accepts the payment, verifies the merchant and can split up the payment as required. Ryft said its service is compliant with PSD2 requirements.
Now the company has its licence from the FCA, and after securing £1.2m in funding last year, Ryft will look to facilitate more complex payments.
It has expanded its in-house compliance team, led by the newly appointed head of compliance and money laundering reporting officer Grant Campbell.
“We are both incredibly proud to have secured our FCA licence after a year and a half,” said Ryft founder and CEO Sadra Hosseini.
“This furthers our ability to provide support to marketplaces and merchants in the industry. Ryft was created to handle everything so your business doesn’t have to.”
According to Hosseini, Ryft was created to tackle the problem of multiple sub-merchants being included in payments. They said that this creates larger waiting periods as the payments are processed across different platforms.