UK payments start-up Ryft secures FCA licence
London-based payments start-up Ryft has secured a UK licence from the Financial Conduct Authority (FCA).
Ryft secures UK licence from the FCA
The firm, which raised £1.5 million in a seed funding round last year, says the authorisation of the licence opens up opportunities “to become a regulated payment facilitator with some of the world’s biggest acquirers”.
Ryft’s PSD2-compliant payments platform enables B2B marketplace companies to accept online payments, verify and onboard merchants and automatically divert funds to merchants and sub-merchants the next working day.
The start-up was founded by Sadra Hosseini and Alex Mackenzie following the sale of their previous business, Butlr, a mobile ordering marketplace app for pubs and bars. Ryft says the duo “identified a gap in the market for the profitability of microtransactions and fast payouts”, adding many marketplaces are “caught unaware of PSD2 compliance”.
The firm claims its solution “takes administerial headache away from finance teams” by automating payments processes and can help businesses ensure compliance with PSD2 and anti-money laundering (AML) rules to reduce the risk of fines.
With the new licence, Ryft also plans to expand its in-house compliance team as it looks to facilitate more complex payments and provide additional support to marketplaces and merchants.
