Collctiv and Ryft form strategic partnership to transform group payments
Collctiv and Ryft, two Manchester-based fintech companies, have announced a strategic partnership with the aim of transforming the group payment sector and offering a more customisable checkout experience.
Collctiv will utilise Ryft's expertise in facilitating the creation of their money pots for users, making the process of collecting money for group gifts and activities simpler. The partnership brings numerous benefits to Collctiv, including reduced fees and greater payment flexibility. The introduction of customisable payment links is expected to significantly improve user engagement by personalising the payment process.
The collaboration is also set to enhance Collctiv’s merchant onboarding processes, leading to increased transparency and efficiency in operations.
Boosting Manchester’s fintech profile
This alliance underscores Manchester's growing status as a significant fintech hub, second only to London in the UK. Collctiv and Ryft's partnership highlights their commitment to global growth and expansion, aiming to extend their reach within Europe and beyond, and to enter new markets.
Comments on the collaboration, Pete Casson, CTO and Co-Founder of Collctiv, remarked: “We are thrilled to collaborate with Ryft as their technology enhances our ability to offer improved payment options through the Collctiv app. This partnership not only streamlines the money collection process, but also lays the foundation for potential future expansions. 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.”
Sadra Hosseini, CEO of Ryft, stated: “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. 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.”
The partnership became official on 1st November 2023. Since its inception, the joint venture has seen a 7% increase in Apple Pay transactions, demonstrating the added freedom and flexibility afforded to users in the payment process. Collctiv and Ryft plan to continue their collaboration as they pursue growth both in the UK and internationally.