Rapyd raises $300m in Series E funding round
London-based payments fintech Rapyd has secured $300 million in a Series E funding round led by Target Global.
New investors including Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock, and Dragoneer all participated in the round, as well as a number of existing investors.
The latest funding takes the firm’s total raised to around $770 million and follows hot on the heels of its $300 million Series D round in January this year.
The company describes itself as a “Fintech-as-a-Service (FaaS)” platform and offers cloud-based technology to integrate payments and fintech services into web and mobile applications.
Rapyd agreed a $100 million deal with Icelandic firm Arion Bank to acquire payments and card issuing company Valitor last month to “enhance its issuing portfolio”.
Prior to that, Rapyd completed the acquisition of another Icelandic company, payment card service provider Korta, in 2020.
It says the new financing will be used for product development and to boost the company’s growth through “several more” acquisitions, as the firm looks to increase its presence across Europe, Asia-Pacific, the US, and Latin America.
The company’s expansion has been driven by a wave of demand for digital payments and embedded finance accelerated by the COVID-19 pandemic.
Arik Shtilman, co-founder and CEO of Rapyd, says: “Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated.
“We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide.”