FinTech startup Ryft has announced plans to more than double in size to 50 staff by the end of next year.

Founded in 2021, Ryft’s technology processes payments and then automatically diverts funds to merchants and sub-merchants the next working day, minus any commissions.

Last year the company raised £1.2m in seed funding, which was led by SFC Capital, with further investment coming from the ex-founder of Shutterstock and the founder of LoveFilm.

The money was used to develop its automated next-day merchant payments system.

Ryft was co-founded by Sadra Hosseini and Alex Mackenzie and was inspired by their previous business restaurant ordering app Butlr, which went on to be acquired by OrderPay.

Mackenzie said the investment had been ‘transformational’ and Ryft was now ready to go to the next level.

FinTech raises £1.2m for next-day merchant payments system

He said: “Ryft works with B2B digital platforms and marketplaces (like Uber) competing with the best known product on the market (Stripe Connect). We help marketplaces scale rapidly, and allow them to save big versus their competitors.

“We were able to reinvest the £1.2m capital in an outstanding technical product, build out our commercial and operational team. It’s turbocharging our growth.”

The FinTech has grown its workforce to 20 but plans to hit 50 by the end of 2024.

It’s estimated that over 60 per cent of all e-commerce is done through marketplaces and platforms and Mackenzie said that provided huge opportunities.

“Ryft’s vision is to empower these platforms to scale rapidly without regulatory headaches while monetising their transactions globally,” he said.

Our target is to grow to 50 people by the end of 2024, with a significant Series A under our belt.”

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Ryft has a presence in London and Manchester and claims that its solution comes without the high fees and protracted wait times for payment.