Rapyd, a global Fintech-as-a-Service provider, has completed the acquisition of PayU Global Payment Organization (GPO).
This latest milestone is said to mark an important step in Rapyd’s ongoing expansion, “strengthening its position in key global markets.”
This expansion increases Rapyd’s ability to offer card acquiring across 6 countries in Latin America “including Mexico, Brazil, Argentina, Chile, Colombia and Peru.”
It also expands Rapyd’s market access into several key jurisdictions.
Rapyd will be able to expand its capabilities and personnel in these regions, as the two companies “begin the process of combining their operations.”
The acquisition financing was led “by General Catalyst, Vista Credit Partners, and TAL Ventures with several new and previous Rapyd investors also participating.”
From Fortune 500s to ambitious business and technology upstarts, their payments network and fintech platform reportedly “make it easy to pay suppliers and get paid by customers—locally or internationally.”
With offices worldwide, including Tel Aviv, Dubai, London, Iceland, San Francisco, Miami, Hong Kong and Singapore, they claim to “know what it takes to make cross-border commerce as easy as being next door.”
Rapyd simplifies payments so you can focus on building your business.
Rapyd, a London-based fintech firm, has recently secured $300 million in a funding round valuing the company at $3.5 billion, a sharp decline from its $9 billion valuation in 2021.
This raise reflects a broader trend of fintech startups adjusting valuations amid a cooling venture capital market.
Rapyd, known for its fintech-as-a-service platform, offers payments, mobile wallets, money transfers, card issuing, and fraud protection via an API, enabling businesses to integrate financial services seamlessly.
The funds are to be allocated towards acquiring a payment processing startup, aligning with Rapyd’s strategy of expansion through acquisitions.
Since 2022, the company has acquired four firms, including Iceland-based Valitor for $100 million and units of PayU for $610 million in 2023.
Despite a reported $700 million funding round in 2023 that was not publicly confirmed, Rapyd’s latest raise signals a shift toward sustainability over hypergrowth.
Backed by investors like Coatue, Oak HC/FT, and Tiger Global, Rapyd joins other fintechs navigating “down rounds,” with flat or reduced valuations comprising 27% of deals in 2024, according to PitchBook.