Ryft: The London Startup Streamlining Payments for the Platform Economy

The duo had already been immersed in building digital solutions, but it was during this period that they launched Butlr, a mobile ordering app designed to help pubs and bars transition to a contactless experience.

Within months, Butlr was used across more than 500 venues, serving over one million customers. It was a fast-paced, high-growth experience—one that exposed both the potential and the pitfalls of digital payments in marketplace environments.

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Uncovering the Hidden Problem: Marketplace Payments

While Butlr solved the customer-facing problem of safe, contact-free ordering, a deeper issue soon became apparent. The backend—particularly the process of managing and distributing funds between multiple merchants—was clunky, inefficient, and compliance-heavy.

They were dealing with microtransactions, complicated revenue splits, and, more pressingly, slow merchant payouts. Complying with PSD2 regulations, which govern how payment services operate in the UK and EU, added even more complexity.

Sadra and Alex realized this wasn't just their problem but a problem plaguing thousands of digital platforms and marketplaces. Whether in e-commerce, gig economy apps, or on-demand services, the pain points were the same: handling online payments, splitting funds fairly, verifying merchants, and ensuring timely payouts.

The Birth of Ryft

With a deep understanding of these challenges and firsthand experience from Butlr, the pair made a bold pivot. They shut down their original venture and channelled their efforts into building something more ambitious: Ryft.

Launched from London, Ryft was created to provide automated, compliant, and developer-friendly payment infrastructure for the growing wave of platforms and marketplaces. Their mission was clear—take the complexity out of managing multi-party payments and do it in a fast, secure, and scalable way.

At its core, Ryft automates the process of next-day merchant payouts and ensures full PSD2 compliance. Their platform also handles merchant verification (KYC), online payment processing, and payment splitting—all through a set of simple APIs that developers can plug into their own systems.

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Ryft: Smarter & Simpler

Ryft aimed to differentiate itself by being more affordable, faster to integrate and hyper-focused on the UK and EU's regulatory landscape.

In 2023, Ryft secured £1.2 million in seed funding, giving them the runway to build and refine their product. The same year, they received official authorization from the UK's Financial Conduct Authority (FCA), allowing them to operate as a fully licensed payment facilitator—a significant milestone for any fintech startup.

The Road to Series A and Beyond

Ryft's momentum didn't stop there. In 2024, they announced a successful $7.3 million Series A funding round. The capital injection came with clear intentions: to expand internationally, build out an omnichannel payment system, and continue hiring top-tier talent.

Their ambitions also include enabling in-person payments, which would open Ryft up to sectors like retail and hospitality—industries that are increasingly blending online and offline sales experiences.

What Sets Ryft Apart

What makes Ryft stand out isn't just its clean tech stack or regulatory readiness—it's the founders' lived experience. Sadra and Alex didn't stumble into fintech from the outside; they built Ryft as practitioners who had felt the pain of bad infrastructure themselves. Their obsession with product usability, fast onboarding, and low operational overhead shines through in the way Ryft operates.

Ryft’s builder-friendly approach makes it a great choice for developers, operations teams, and founders who want easier, smarter ways to grow their platform businesses.

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A Startup with Purpose

Ryft is more than just a payment processor—it's part of a new generation of fintech companies designed around the needs of modern digital economies. As marketplaces continue to expand across sectors—from delivery to freelance platforms—Ryft is positioning itself as the go-to solution for compliant, efficient, and scalable payment orchestration.

Starting from seeking out a gap, the friends' journey with Ryft serves as an inspiring example of how vision, resilience, and strategic thinking can lead to remarkable success.

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