Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, January 14 2021 - 12:00
Rapyd Raises $300 Million in Funding to Support Accelerated Growth Within Global Payments Industry
LONDON and MOUNTAIN VIEW, Calif., Jan. 13, 2021 /PRNewswire-AsiaNet/ --

- Series D financing to be used to expand company's global fintech and payments 
platform and enable strategic acquisitions

    Rapyd [], 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  
[ 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, read our blog 
nt=Rapyd%20Blog], or follow us on LinkedIn 
elations&utm_source=linkedin] and Twitter []. 

    Media Contacts:
    Headline Media
    Raanan Loew 


    Source: Rapyd