Ryft, a fintech company based in Manchester, has secured a grant from Innovate UK under the ‘Innovation within Professional and Financial Services’ tender. The grant, which is part of a £5 million funding pot, is designed to support innovation in the industry. Only 8% of applicants in this category were successful in receiving the funding.
In addition to receiving financial support, Ryft and other successful applicants will also have access to business development and guidance from Innovate UK. The agency, which drives business growth and innovation across the UK, offers various grant schemes to support rapid growth in a range of industries.
Ryft has experienced significant growth in 2023, with figures rising by 300% across the business. The company plans to use the grant to fund various areas of growth, including expansion into the travel and events industries. The aim is to bring automation to payments processing systems in the travel industry, which have traditionally been managed by manual and outdated systems.
Sadra Hosseini, Founder and CEO of Ryft, expressed delight in being awarded the Innovate UK grant. He stated that the funding will allow the company to expand into new markets and improve existing payment platform offerings.
