Sadra Hosseini and Pete Casson/Ryft and Collctiv
Ryft and Collctiv partner to simplify group payments
Collctiv customers will now be able to create ‘money pots’ to split group payments on the fintech’s app
Manchester-based fintechs Ryft and Collctiv are partnering to shake up the group payment sector with a customisable checkout experience.
Payments provider Ryft secured its Financial Conduct Authority licence earlier this year to take on the likes of Stripe with its PSD2 compliant payments system.
Collctiv now plans to use Ryft’s expertise to create money pots for users, making group spending easier, whether that’s a family holiday or dinner with friends.
Partnering with Ryft will also reduce fees and increase payment flexibility for Collctiv , with customisable payment links and a more personalised payments process expected to significantly boost user engagement.
“This partnership not only streamlines the money collection process, but also lays the foundation for potential future expansions,” Collctiv co-founder and chief technology officer Pete Casson said.
“Our shared commitment to exceptional customer support aligns seamlessly, making collaboration with a fellow northern British company like Ryft a testament to the robustness of the North and its pivotal role in shaping the future of British commerce.”
Both based in the UK’s largest fintech hub outside of London, the companies say they are underlying their “strong commitment” to global expansion and growth with the partnership, helping both companies extend their reach in Europe and beyond.
“This is an exciting moment for Manchester’s fintech scene with two of its most innovative companies joining forces for a highly relevant strategic partnership,” Ryft CEO Sadra Hosseini said.
“We’ve been big fans of what Collctiv have done over the years and believe the integration of our complementary services can help the company take its offering to a new level.”
Having launched at the start of the month, the companies have already seen a seven per cent increase in Apple Pay transactions.
The two companies plan to continue collaborating closely moving forward as they both look to expand both here and abroad.