Rapyd raises $300m in Series D, plans more acquisitions
Rapyd, which describes itself as “a global Fintech-as-a-Service company”, has closed a $300 million Series D funding round led by Coatue.
Existing investors General Catalyst, Oak HC/FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital took part in this round as well as several new ones, including Spark Capital, Avid Ventures, FJ Labs, and Latitude.
“2020 experienced a massive acceleration in the adoption of local and cross-border digital payments, which has fuelled tremendous global growth for Rapyd,” the company states.
Arik Shtilman, co-founder and CEO of Rapyd, says such a substantial investment “is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company”.
Rapyd’s valuation now stands at $2.5 billion.
The fintech says its platform “is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries” and claims to be “the fastest way to power local payments anywhere in the world”. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network, which supports various local payment methods including cards, bank transfers, e-wallets, and cash.
According to Rapyd, its offering embeds fintech services into any application and simplifies the complexity of offering local payment methods through an API while managing compliance and regulatory requirements.
The new financing will be used to double the engineering and product teams, as well as expand the “self-service” element of Rapyd’s platform.
The company assures it will continue its focus on core markets that serve business-to-consumer (B2C) and business-to-business (B2B) e-commerce payments, marketplace, and financial services businesses.
Following the takeover of European card acquirer Korta last year, Rapyd says it is now also exploring more acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa.