B2B fintech-as-a-service provider Rapyd announced on Wednesday it secured $300 million through its Series D financing round, which was led by Coatue with participation from Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital. The investment brings Rapyd’s valuation to $2.5 billion.
Founded in 2016, Rapyd’s global payments network connects companies to “all the ways the world likes to pay.”
“With Rapyd, digital sellers in Latin America can accept cash. Online shoppers in Asia can pay with their favorite ewallet. And businesses can make payouts to companies and individuals anywhere in the world. With 900+ payment methods in 100 countries, you can open new markets, reach new customers, and create new opportunities anywhere.”
While sharing more details about the platform’s service, Arik Shtilman, Co-Founder and CEO of Rapyd, stated that the demand for online payments has “skyrocketed” following the restrictions put in place during the COVID-19 pandemic. He and the Rapyd team are looking to provide businesses across the globe with a solution that they are needing in order to get 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 then added that the new funds 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..”