PR87574

LONDON and MOUNTAIN VIEW, Calif., Jan. 13, 2021 /PRNewswire=KYODO JBN/ --

- Series D financing to be used to expand company's global fintech and payments

platform and enable strategic acquisitions

    Rapyd [https://www.rapyd.net/], a global Fintech as a Service company,

today 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, ewallets, and cash.

    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 [https://www.mckinsey.com/~/media/mckinsey/industries/financial services/our

insights/accelerating winds of change in global

payments/2020-mckinsey-global-payments-report-vf.pdf], one of the primary

impacts of COVID-19 has been the acceleration of changes in areas that are

typically much more gradual - namely consumer behavior - 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 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."

    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 utilizing 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.

    About Rapyd

    Rapyd is the fastest way to power local payments anywhere in the world,

enabling companies across the globe to access markets quicker than ever before.

By utilizing Rapyd's unparalleled payments network and Fintech-as-a-Service

platform, businesses and consumers can engage in local and cross-border

transactions in any market. The Rapyd platform is unifying fragmented payment

systems worldwide by bringing together 900-plus payment methods in over 100

countries. Rapyd's investors include Stripe, General Catalyst, Oak FT, Coatue,

Tiger Global, Durable Capital, Target Global, and TaL Capital. To learn more

about the company that is accelerating the Fintech-as-a-Service revolution,

visit www.rapyd.net, read our blog [https://www.rapyd.net/resources/?utm_campaign=2020%20Public%20Relations&utm_sou

rce=Rapyd%20Incomm%20Partnership%20Americas&utm_medium=Press%20release&utm_conte

nt=Rapyd%20Blog], or follow us on LinkedIn [ https://www.linkedin.com/company/rapyd1/?utm_campaign=2020%252520Public%252520Relations&utm_source=linkedin ]

and Twitter [https://twitter.com/RapydPayments?utm_campaign=2020%252520Public%252520Relations&utm_source=twitter ].

    Media Contacts:

    Headline Media

    Raanan Loew

    raanan@headline.media

    1-347-897-9276

    Photo: https://mma.prnewswire.com/media/1418494/Rapyd_Photo.jpg

    Source: Rapyd