Manchester-based payments platform Ryft has secured £20m in Series B funding to expand across Europe and the US.
Gresham House Ventures led the round, with follow-on capital provided by existing venture capital trust backers Pembroke VCT and Ingenii Capital.
The transaction marks the largest UK payments Series B completed this year, though the company declined to disclose its pre-money valuation, post-round dilution or board seat allocations.
Ryft will use the capital to fund product development and its expansion into European Economic Area markets, subject to a pending full EU licence application with the Malta Financial Services Authority.
Founded in 2021 by chief executive Sadra Hosseini, Alex Mackenzie and Richard Kirby, the company operates an FCA-regulated infrastructure platform managing multi-party split payments, recurring billing and automated cross-border payouts through a single integration.
The business reported a tripling of gross processing volume over the past 12 months, with more than 6,500 merchants on the platform, including Epos Now, Chaiwalla and the Disasters Emergency Committee.
The company did not disclose net revenue, annual recurring revenue or net take rates, offering gross processing volume as its primary performance metric.
Participation from Pembroke VCT and Gresham House highlights continued deployment from tax-advantaged UK venture capital trusts, which operate under strict legislative rules regarding target company age, gross assets and maximum lifecycle investment limits.
Sadra Hosseini, chief executive of Ryft, said: “This round of investment means we can take what we’ve built in the UK into new European markets and compete on the global stage. Payments have been dominated by a small number of incumbents for a long time. We want to provide a powerful and efficient alternative to businesses, not just in Europe, but globally.”
Rohit Mathur, partner at Gresham House Ventures, said: “Modern commerce runs on platforms, from marketplaces and franchises, to creators and, in time, AI agents, but the payments foundation beneath it was built for a two-party world that no longer exists.
“Ryft is the rare UK-built, FCA-regulated fintech designed for multi-party payments from the ground up and its best customers are compounding volumes over 100% a year on the platform. We’re backing Ryft because the UK needs domestic champions with payment architecture for the next era of commerce, and Ryft is one of them.”
