Due to the COVID-19 pandemic, 2020 experienced a massive acceleration in the adoption of local and cross-border digital payments. Headquartered in London, Rapyd is one such company that has been benefited due to the digital payment transformation.
Rapyd is a fintech-as-service platform born in Israel — that embeds fintech services into any app and simplifies the complex offering of local payment methods.
Raised £220 million
Recently, the London-headquartered company raised a $300 million (approx £220 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 HC/FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital. Post the funding, the company valuation stands at $2.5 billion (approx £1.8 billion)
How will the funding be used?
As per the company’s claims, 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. To date, the company has raised $470 million (approx £344 million) funding from various investors.
Focus on core markets
Founded by Arik Shtilman, Arkady Karpman, and Omer Priel in 2016, Rapyd will continue its focus on core markets that serve B2C and B2B eCommerce payments, the marketplace, and financial services businesses.
Through this platform, 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.
Another acquisition on cards
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.
“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.”
“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 honored to partner with Arik and team for the next phase of the Rapyd journey.”