Global fintech as a service company Rapyd has secured $300m in a Series D financing round led by Coatue, a technology-focused investment manager.
The funding round the participation of new investors including Spark Capital, Avid Ventures, FJ Labs, and Latitude joined the investment round along with current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
The company intends to use the funding to strengthen the engineering and product teams, along with expanding the ‘Self-Service’ element of its platform.
Also, the company aims to empower global businesses to implement any of its financial capabilities in the shortest possible time frame.
Rapyd co-founder and CEO Arik Shtilman said: “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.
“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.”
Rapyd plafform embeds fintech services into any application
Rapyd said that its platform embeds fintech services into any application and simplifies the complex local payment offering methods through an easy-to-use API, while managing various compliance and regulatory requirements.
Using its platform, businesses will be able to accept and send payments without needing to create their own infrastructure through the Rapyd Global Payments Network.
The Rapyd Global Payments Network is said to support hundreds of local payment methods including cards, bank transfers, ewallets, and cash.
The company said that it will continue its focus on core markets that serve B2C and B2B eCommerce payments, marketplace, and financial services businesses.
Furthermore, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa, following the acquisition of European card acquirer Korta in early 2020.
Coatue managing partner Kris Fredrickson said: “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. We are honored to partner with Arik and team for the next phase of the Rapyd journey.”
