Rapyd secures $100m in funding to bolster “fintech-as-a-service”
Technology provider Rapyd has received $100 million in funding from a financing round led by Oak HC/FT and featuring Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
Rapyd wants to take its platform global
Rapyd, which labels its offering as “fintech-as-a-service”, provides cloud-based technology it claims can help businesses quickly integrate fintech and payment capabilities into “any commerce application”.
The firm plans to use the new funding to build out its Rapyd Global Payment Network, which offers local and cross-border payments across multiple channels. Arik Shtilman, co-founder and CEO of Rapyd, says that global commerce is at a “critical inflection point”.
“Businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localised customer experiences without having to build their own infrastructure,” he adds.
“The expectation today is that this must happen around the world to drive growth into new markets. As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion.”
Scott Shleifer, partner at Tiger Global Management, adds: “We are excited to become investors in Rapyd and believe the Company is enabling global internet companies to improve their ability to accept local payments in emerging markets. We are impressed with Arik and his team and the differentiated platform Rapyd has built.”
Rapyd raised $40 million in a Series B funding round in February, led by Stripe and General Catalyst.
