Ryft raises €6.6 million led by EdenBase to develop blockchain-powered payment infrastructure, targeting 62% cost reductions for merchants amid regulatory shifts.
London-based payment infrastructure startup Ryft has secured €6.6 million in Series A funding led by EdenBase, with participation from GPOS Investments and British Business Bank. The capital injection, announced three days ago, aims to expand its blockchain-powered platform that enables merchants to reduce payment processing fees by up to 62% compared to traditional providers like Adyen, whose shares fell 20% last week amid margin pressures.
Decentralized Payment Infrastructure Gains Momentum
Ryft’s API-first platform leverages distributed ledger technology to eliminate intermediaries in payment processing, according to company documentation reviewed by Reuters. Early adopters include UK-based e-commerce platforms reporting 40-62% cost reductions compared to legacy providers.
Investor Strategy and Regulatory Alignment
Lead investor EdenBase cited Ryft’s alignment with EU Payment Services Package (PSP3) reforms in its 28 June announcement. British Business Bank confirmed its participation through the £150 million Regional Angels Programme, targeting tech growth outside London.
Market Disruption Potential
The funding comes as Adyen faces investor scrutiny over operating margins, with Nasdaq data showing 22% stock decline since June 24. Ryft claims its blockchain architecture reduces compliance costs by 35% through automated PSP3 requirement checks.
Historical Context: Payment Innovations Timeline
The current shift mirrors China’s 2010s mobile payment revolution, where Alipay and WeChat Pay achieved 89% market penetration by 2019 through direct bank-merchant integrations. However, those systems relied on centralized architectures unlike Ryft’s decentralized model.
UK Fintech Investment Landscape
Ryft’s raise follows 18% year-over-year decline in UK fintech funding through Q2 2024, per Innovate Finance data. The British Business Bank’s regional focus addresses 2023 findings showing 73% of UK fintech investment concentrated in London.
