Rapyd Raises $300 Million in Funding to Support Accelerated Growth Within Global Payments Industry
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
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