London-based payment platform Rapyd raised US$ 300 million in the latest Series E funding round dated August 3, 2021. The funding round was led by Tiger Global and included the participation of Altimeter Capital, Fidelity Management and Research Company and BlackRock Funds. The fintech startup currently stands at an undisclosed valuation of US$8.75-US$10 Billion with the recent fundraise.
What the CEO has to say
Rapyd co-founder and CEO Arik Shtilman comments on the recent fundraise in a press statement, “Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated.”
He continues, “We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide. We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd’s platform can support businesses looking to grow internationally.”
What the Investors have to say
General Partner at Target Global, Mike Lobanov, said, “Rapyd has built a borderless embedded fintech infrastructure critical to all digital businesses that operate globally. Their platform incorporates payments, compliance, FX, fraud management, escrow, virtual account and card issuing, and more. But now, as the world sees growing traction across global eCommerce, Gig Economy, Fintech Solutions and Technology platforms, Rapyd must take the next step.”
Lobanov added, “There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive. Having led Rapyd’s Series A in 2018, we are confident that Rapyd can be such a partner and are now renewing our bet in this round.”
Founded in 2016 by Arik Shtilman, Arkady Karpman and Omer Priel, Rapyd is a payments platform that offers fintech services from an app with the purpose of simplifying the complex offering processes of local payment arrangements.
It enables remittance platforms, online lenders, gig platforms, challenger wallets, e-commerce merchants, and traditional banks to get past their standard foundation, practises and controls, and create a new mobile-friendly solution. Rapyd’s payments network and Fintech-as-a-Service platform support businesses and consumers in the industry to interact in local and cross-border transactions. To know more, check out https://www.rapyd.net/.
The company is backed by notable global investors like Tiger Global, Durable Capital, Stripe, General Catalyst, Oak FT, Coatue, Target Global, and TaL Capital.
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