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UK Payments Startup Ryft Wins FCA Licence

Ryft, a UK-based startup that aims to replicate the success of Stripe, has announced that it has received an FCA license.

UK Payments Startup Ryft Wins FCA Licence

Source: motionarray.com

Obtaining a license from a startup became possible in September last year, following the results of the initial round of financing, he managed to attract investment funds for 1.2 million pounds.

The Ryft platform processes marketplace payments. Then funds are automatically transferred to sellers and sub-sellers. The API-based package handles all operations, including acceptance of online payments, verification of sellers and connection to them, and separation of payments at the request of the business.

Billing as Stripe Connect without high fees and long waits for payments, and license authorization provides Ryft with the opportunity to become a regulated intermediary in transactions with some of the world’s largest acquirers.

The startup was founded by Sadra Hosseini and Alex McKenzie. Previously, they created and sold the mobile ordering marketplace app for pubs and bars. After that, they noticed a gap in the market of quick payments and micropayments.

After obtaining a license, the startup plans to increase the number of compliance staff to simplify complex financial transactions. The company will provide B2B and marketplace digital platforms with the opportunity to monetize payments using its technologies. It will also be possible to maintain relationships with other organizations.

The firm intends to step up measures to combat money laundering. The Company will develop mechanisms to reduce risks of an appropriate nature for trading platforms.

Hosseini said he was proud to receive an FCA license after a year and a half. He noted that the effect of several permissive measures against the company makes it possible to expand the possibilities of providing support to trading platforms and sellers. Hosseini also stressed that Ryft was created to cope with difficulties unnoticed by customers’ businesses. In this case, imperceptibly means efficiently and without any excessive effort on the part of clients.

As we have reported earlier, FCA Takes Aim at Payment Firms Over Unacceptable Risks.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.