Manchester-based payments platform Ryft has raised £20 million in Series B funding as it prepares to expand across Europe and the US and accelerate the development of its payments infrastructure.

The round was led by Gresham House Ventures, with backing from existing investors Pembroke VCT and Ingenii Capital. The Northern Powerhouse Investment Fund II, managed by British Business Bank subsidiary British Business Bank Investments, also participated through PXN Ventures.

Founded in 2021 by Sadra Hosseini, Alex Mackenzie and Richard Kirby, Ryft builds payment technology for marketplaces, platforms and multi-location businesses. Its platform helps companies handle complicated payment flows, including automated split payments, seller onboarding, recurring billing and cross-border payouts.

The timing of the raise reflects how quickly the business has grown. Ryft says its processing volumes have tripled over the past year, while more than 6,500 businesses now use its platform. Its customers include Epos Now, Chaiwalla, the Disasters Emergency Committee, Daytrip and Sprive.

The new funding will support Ryft's expansion into European and US markets, while helping the company accelerate product development and move further into the enterprise market. As part of its European plans, Ryft has also applied for a full EU payments licence through the Malta Financial Services Authority. If approved, the licence would allow the company to passport its services across the European Economic Area.

That regulatory step could be particularly important as Ryft expands outside the UK. Payments businesses face different regulatory requirements across markets, so securing the right permissions can be just as important as building the underlying technology.

For founders, the funding round also highlights a broader change happening in online commerce.

Marketplaces, platforms, franchises and other multi-party businesses increasingly need payments infrastructure that can handle several participants in a single transaction. A customer might pay one platform, while the money needs to be split between multiple sellers, service providers or partners.

Traditional payment systems were largely designed around simpler transactions between one buyer and one seller. Ryft is building around the more complicated payment flows created by modern digital businesses.

The company's partnerships with major providers including Visa, Mastercard, American Express, Global Payments and Nuvei also show how fintech startups can build alongside established financial infrastructure rather than necessarily trying to replace it.

The next challenge will be taking that model beyond the UK. With £20 million behind it, Ryft now has the capital to test whether its growth in the British market can translate into a much larger international payments business.

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