Fintech company Ryft has announced it was successful in obtaining a share of the grant from Innovate UK.
Ryft underwent a competitive application process, with only 8% of applicants receiving the funding they needed. The PDS2 compliant payments provider applied under the ‘Innovation within Professional and Financial Services’ tender, an Innovate UK funding pot, designed to foster innovation.
Innovate UK is an innovation agency that helps UK businesses grow through development and commercialisation of new products and services, offering grants such as Horizon Europe, Energy Catalyst, and the Innovate UK Grant.
Sadra Hosseini, Founder and CEO of Ryft, commented: “Following an extremely complex application process, we are delighted to have been awarded a portion of the Innovate UK grant for professional and financial services.
“This grant allows us to take the next steps towards expansion into new markets, where we feel Ryft will make a real improvement to the existing payment platform offerings available. We’re looking forward to growing our team, whilst building upon the current functionalities our merchants rely on in their everyday transactions.”
As well as a share of the funding pot, the grant provides Ryft with access to guidance and support about business, development and direction. That will help the company, which has grown exponentially in 2023 after becoming a regulated payments entity last year.
The company plans to use the grant to fund several areas of business growth, including expansion into the travel and events industries. Ryft also plans to expand its technical team allowing for expansion into new markets.
In the travel industry, the fintech firm is looking to fully automate payment flows within the travel industry, removing existing frictions and promoting ease of use. It teamed up with Collctiv, another Manchester-based company in November to strengthen the regional fintech scene by providing a new customisable checkout experience.
“We’d like to thank our advisors for recommending the grant to us, and Innovate UK for supporting us on the next steps in our journey towards business growth and market expansion”: added Hosseini.
