Manchester FinTech innovators Collctiv and Ryft have announced a new strategic partnership aimed at transforming the group payment sector and providing a more customizable checkout experience.
Collctiv – which topped our FinTech 50 ranking this year – will leverage Ryft’s expertise to facilitate the creation of their money pots for users, simplifying the money collection process for organisers of group gifts and activities.
The new arrangement – which went live on 1st November – provides a multitude of additional benefits for Collctiv, such as reduced fees and increased payment flexibility. Additionally, the company expects the introduction of customisable payment links to significantly enhance user engagement by making the payment process more personalised.
Moreover, the collaboration looks set to greatly streamline Collctiv’s merchant onboarding processes, bringing about greater transparency and efficiency in operations.
The companies say the new alliance further signals Manchester’s growing influence in the FinTech sector and will help to extend their reach within Europe and beyond, enabling them to enter new markets.
“We are thrilled to collaborate with Ryft as their technology enhances our ability to offer improved payment options through the Collctiv app,” said Pete Casson, CTO & co-founder of Collctiv.
“This partnership not only streamlines the money collection process, but also lays the foundation for potential future expansions. Our shared commitment to exceptional customer support aligns seamlessly, making collaboration with a fellow northern British company like Ryft a testament to the robustness of the North and its pivotal role in shaping the future of British commerce.”
Sadra Hosseini, CEO of Ryft, commented: “This is an exciting moment for Manchester’s fintech scene with two of its most innovative companies joining forces for a highly relevant strategic partnership.
“We’ve been big fans of what Collctiv have done over the years and believe the integration of our complementary services can help the company take its offering to a new level.”
Since launch, the joint venture has already demonstrated a 7% increase in Apple Pay transactions, a testament to the enhanced freedom and flexibility that users have during the payment process.