- Trading Name: Ryft
- Legal Entity: Butlr Ltd
- Activities: PSD2-compliant payments system
- Location: London, UK
- Regulations: authorized by the Financial Conduct Authority (FCA)
- Key People: Sadra Hosseini (Linkedin) and Alex Mackenzie (Linkedin)
Ryft is a PSD2-compliant payments system, enabling automated next-day payouts for marketplace businesses and their merchants, for a single flat fee per transaction.The business was borne out of the previous experience of founders Sadra Hosseini and Alex Mackenzie, who built and sold a mobile ordering marketplace app for pubs and bars and spotted a gap in the market for microtransactions and fast payouts.
UK-based PSD2 compliant payments system, Ryft enables its customers with automated `next day` payouts for marketplace businesses, as well as their customers and clients, for a single flat fee per transaction.
Its PaaS service offers users the possibility to go through a fast and secure process of onboarding while utilizing its KYC/KYB solutions, with the average approval time being allegedly just a few hours to remove the sub-merchant sign-up friction. Additionally, customers benefit from next-day payouts (a feature provided by the technology stack which automates multi-vendor payouts, with funds being delivered the next working day), as well as transparent pricing (the charging of the client represents one safe and transparent transaction fee for an end-to-end solution).
They charge one flat, completely transparent transaction fee for an end-to-end solution. No surprise charges.
In April 2023 Ryft got a UK FCA licence following £1.2M seed round raise.
The company will use its licence to strengthen its suite of services further to solve the current problems in the payment marketplaces, which appear to multiple sub-merchants, faster and more securely. This will help customers avoid long periods and multiple processes that otherwise would have happened across different platforms.
We could not find anything negative about Ryft and its founders and therefore rate them as green.