Rapyd, a Fintech-as-a-Service company, announced a $300 million Series D financing round led by Coatue, a global technology-focused investment manager.
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 HC/FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital who had previously invested $100 million in October 2019.
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 utilising 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 e-commerce payments, marketplace, and financial services businesses. Following the 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.
Rapyd has been actively expanding its global payments network starting with Singapore in November 2019, followed by Brazil in March 2020, the United Kingdom in June 2020, Mexico and India in July 2020, South Korea in October 2020 and Thailand in December 2020.
“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.
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.”
said Arik Shtilman, co-founder and CEO of Rapyd.
“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.
We are honored to partner with Arik and team for the next phase of the Rapyd journey.”
said Kris Fredrickson, Managing Partner at Coatue.
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