Economic Secretary to the Treasury Lucy Rigby has praised Manchester-based fintech Ryft after the payments company secured £20 million in Series B funding to support its expansion across Europe and the United States.
Rigby visited the company following the fundraise, describing Ryft as an example of a British fintech business scaling rapidly from Manchester.
She said the latest investment would help the firm "further scale & expand globally".
Largest UK payments Series B of 2026
Ryft's £20 million round was led by Gresham House Ventures, with existing investors Pembroke VCT and Ingenii Capital also participating. The Northern Powerhouse Investment Fund II joined as a new backer. The company says it is the largest UK payments Series B completed so far this year.
The company has tripled its payment-processing volume over the past 12 months and now serves more than 6,500 businesses, including Epos Now, Chaiiwala, the Disasters Emergency Committee, Daytrip and Sprive.
Expansion into Europe and the US
Ryft provides payments infrastructure for marketplaces, platforms and multi-location businesses, including automated split payments and cross-border payouts.
The new capital will fund product development, growth into larger enterprise customers and expansion across Europe and the US. Ryft has also applied to the Malta Financial Services Authority for a full EU payments licence, which would allow it to passport services across the European Economic Area if approved.
Rigby: 'Vote of confidence in Manchester's fintech sector'
Rigby said:
Ryft's success is a vote of confidence in Manchester's thriving fintech sector and shows how British businesses can start, scale and compete on the global stage.
She added that the Government wanted to support companies creating jobs, attracting investment and contributing to growth across the country.
Manchester building its fintech credentials
The investment adds to Manchester's growing reputation as a financial technology centre outside London.
Ryft's latest raise also demonstrates the role of regional investment funds alongside private venture capital in helping high-growth businesses expand internationally.
For Rigby, Ryft is an example of the kind of home-grown company the Government wants to see scale from Britain's regions into global markets - bringing investment, skilled jobs and financial innovation with it.
