Ryft Secures Venture Capital
European FinTech Startup Ryft Pay Secures New Venture Capital Funding
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UK payments startup Ryft has raised £20 million in Series B funding, marking the largest UK payments Series B this year. Manchester-based Gresham House Ventures led the round, with support from existing investors Pembroke VCT and Ingenii Capital. The cash will fuel expansion across Europe and the US, building on the company's rapid growth since its 2021 launch.
Ryft's Rapid Growth and Market Position
Ryft, founded in 2021 by Alex Mackenzie, Richard Kirby, and Sadra Hossein, has grown dramatically in just three years. The payments firm has tripled in size during recent periods, establishing itself as a serious player in the UK fintech space. Yahoo Finance reports the £20 million round equals approximately $26.74 million at current exchange rates.
Strong Investor Backing for European Expansion
Beyond Gresham House's lead investment, Pembroke VCT and Ingenii Capital returned as existing backers, signaling confidence in the company's strategy. IT Brief notes this reflects strong institutional interest in UK fintech at a time when venture funding has tightened. The round will directly support Ryft's push into new European markets and establish operations in the United States.
What Ryft Does and Why This Matters
Ryft provides payment services designed for modern businesses. The company focuses on streamlining transactions across borders—a critical need for UK firms expanding internationally. By securing £20 million, Ryft joins a select group of UK payment startups that have achieved eight-figure Series B rounds, according to Business Live. The funding positions the firm to compete directly with larger established payment processors.
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