News from the Wire

British fintech Ryft expands into Europe with Clearhaus

Tuesday, April 23, 2024 — 12:09:18 (EDT)

22nd April, Manchester-based innovative fintech Ryft, announces a new partnership with Clearhaus, allowing the Danish acquirer to leverage its technology solutions and cater to digital platforms and marketplaces.

By partnering with Ryft, Clearhaus has a new way to serve the rapidly growing European digital business community, with over 23,000 underserved digital platforms and 3,000 marketplaces across Europe looking for a compliant way to monetise transactions without the current barriers to entry. Traditionally, building technology to facilitate this monetisation for merchants requires high overheads, expert teams, and complex licensing. Through this alliance with Ryft, these businesses will be able to process PSD2 compliant transactions whilst capitalising on the transactions moving through their platforms and developing new revenue streams to help them scale.

As part of the deal, Ryft will leverage its gold standard FCA licence to allow Clearhaus to scale into the UK market without having to obtain its own licence following the post-Brexit restrictions. With a vast knowledge of the UK market through partnerships with brands such as easyFood (part of the easyJet group), Ryft has built an optimal solution for UK businesses, from which Clearhaus can benefit. As a technology-forward bank, Clearhaus opted to work with Ryft due to its customer-centric proposition and the synergistic nature of the partnership.

Speaking on the alliance, Sadra Hosseini, CEO and co-founder at Ryft, said: “We’ve been working closely with the Clearhaus team over the last year to bring an exciting payments proposition to the market together, which we’re delighted to have finally launched. The Clearhaus vision aligns closely with the Ryft ethos: moving fast, building for customer needs, and focusing on providing the best technology in the market. We are excited for this partnership to grow and for Ryft to scale across Europe with the help of Clearhaus”.

For Ryft, this partnership with Clearhaus is a significant move in its European scaling plans, aiding its ability to compete with other alternative payment solutions Adyen and Stripe Connect. By creating a technical layer for banking partners to leverage, Ryft also enables banks to contribute to merchant growth in a quickly evolving market. As the first banking partner to collaborate with Ryft, Clearhaus is setting the standard for banks to show the importance of serving the digital business community.

Commenting on the partnership, Djoek Derksen, Senior International Partner Manager at Clearhaus noted: “We're thrilled about the expansion of our partner portfolio through the new collaboration with Ryft, a specialist in platform payments. This partnership is set to improve our offerings, bringing forth a modern, competitive platform payment solution. Combined with our extensive currency support this solution is well tailored for merchants across Europe. Together with Ryft, we aim to bring our rapid onboarding times to provide a seamless payment experience.”

To find out more about Ryft, see here: ryftpay.com/

To find out more about Clearhaus, see here: www.clearhaus.com/

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Source: Company press release.