Two London-based fintech startups are taking on some of the biggest names in online payments. Names like Stripe, Paypal, and Klarna. And investors are putting money behind their dragon-slaying missions.
The first company, Ryft, has raised about $1.4 million in a seed round led by UK-based seed stage investor SFC Capital. Ryft is a payments system that enables automated next-day payouts for marketplaces and merchants.
Ryft is setting its sights directly on payments giant Stripe. Specifically, Ryft offers a tool that it says is a cheaper, faster alternative to Stripe Connect, which facilitates merchant payments in online marketplaces.
Ryft promises merchants they will get their money the next day while charging a flat fee for the transaction.
Meanwhile, another UK company has raised capital to take on some of the biggest names in fintech. Super has emerged from stealth and raised a roughly $26 million pre-seed round. Super plans to use the money to take on online checkout processing leaders like PayPal and Klarna.
The fintech startup is offering online merchants more control over the fees they pay for online checkouts. Super lets businesses choose the commission rate they charge on their online sales. Then the merchant splits the commission with Super (paid in the form of cashback) and then Super taks a cut. Super says it has a waiting list of prospective customers.
“Businesses and shoppers have for too long been stung by huge fees on the internet. In many cases without even knowing. We believe that the simple Super app can save shoppers and businesses billions a year,” founder and CEO Samir Desai CBE told UKTN.
“At a time of high inflation and increases in the cost of living, redistributing the huge profits of payment and digital advertising companies back to customers will significantly improve people’s lives.”
