Rapyd, a global Fintech as a Service company, has announced a $300 million Series D financing round led by Coatue. Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
Rapyd’s platform embeds fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use API while managing diverse compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, e-wallets, and cash.
“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Arik Shtilman, co-founder and CEO of Rapyd. “To kick off 2021 with this substantial round of funding to further invest in our platform 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.”
2020 experienced a massive acceleration in the adoption of local and cross-border digital payments, which has fueled tremendous global growth for Rapyd. As noted in a recent Mckinsey report, one of the primary impacts of COVID-19 has been the acceleration of changes in areas that are typically much more gradual – namely consumer behaviour – with five years of change compressed into less than one. The change in purchasing habits has propelled consumers and businesses in both mature and emerging markets online and with that the need to accept and send payments using cards and alternative payment methods en masse.
“The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies,” said Kris Fredrickson, Managing Partner at Coatue. “We are honoured to partner with Arik and team for the next phase of the Rapyd journey.”
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, empowering businesses globally to onboard and begin utilising any of Rapyd’s financial capabilities in the shortest possible time frame. The company will continue its focus on core markets that serve B2C and B2B eCommerce payments, marketplace, and financial services businesses. Following the successful acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa.