Rapyd raises $40 million to expand its payments network worldwide

rapyd raises 40 million to expand its payments network worldwide

Rapyd, a U.K.-based firm that helps companies and merchants of all sizes integrate a range of payment services into their platforms, has raised $40 million in series B funding to further expand its operations worldwide.
The round was led by General Catalyst and Stripe and included participation from Target Global, Ignia, and unspecified large strategic payment and fintech companies, Rapyd said.
Rapyd cofounder and CEO Arik Shtilman told VentureBeat in an interview that the company will use the fresh capital to expand to more markets across the Americas and Europe, Middle East, Africa (EMEA) and Asia-Pacific (APAC) regions and to further develop its infrastructure.
The four-year-old company operates on a fintech-as-a-service model and offers a technology stack that provides support for financial, payment, mobile wallet, and money movement services through a single API.
Shtilman said Rapyd has several unspecified Fortune 500 customers and that its offering appeals even to large companies, which may not wish to allocate extensive resources to addressing the various payment modes, services, and local regulations around the world.
Using Rapyd’s technology, a company can enable support for payments in over 100 countries, via more than 500 locally supported payment methods — such as direct deposits to banks, local cards, and mobile wallets — Shtilman told VentureBeat.
Rapyd also provides a single point of reconciliation and settlement of all funds across 65 currencies and the ability to pay out in over 170 countries, the company said.
“We’re excited to close this round of funding with our partners at General Catalyst and Stripe, marking a critical inflection point in our evolution as a company, and at a time when market demand for our ‘AWS of fintech’ platform approach is accelerating,” Shtilman said in a statement.
Stripe CEO Patrick Collison also sees a big demand for Rapyd’s services. “The challenge of enabling local payments on a global scale is critical for the continued growth in worldwide commerce. We are excited by Rapyd’s vision and believe they are solving a significant challenge that will help to increase the GDP of the internet,” he said.
Source: VentureBeat

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