Expanding Business and Offering New Fintech Services
The company’s customer base counts around 5,000 businesses, including labor and goods market places, ecommerce businesses, as well as other types of lenders and businesses that want to implement transactions and other financial services into their offerings.
Rapyd is currently growing at the fastest pace yet, welcoming 500 new clients per week, said the company’s chief executive Arik Shtilman. The latest funding round values the company at $2.5 billion post-money valuation, he added. The business was valued at around $1.2 billion a year ago.
“Moving online isn’t the real opportunity. Having the ability to work across borders digitally and enter new geographic markets no matter what business you are in or how large is what matters. Rapyd is the fastest way to expand payment capabilities without complexity,“ Shtilman wrote in the blog post.
The latest Series D round is headed by VC Coatue, while other participants include new supporters Spark Capital, Avid Ventures, FJ Labs, and Latitude, as well as the old backers General Catalyst, Oak HC/FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
The fintech startup and other similar platforms that provide financial services, especially ones that allow making transactions via cellphone or the internet, have been the most used services last year. As a result, these companies have seen a substantial increase in demand in 2020.
Interest for fintech startups has grown among investors and the company has used those funds wisely to help expand its businesses.
“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,” said Kris Fredrickson, managing partner at Coatue, the lead backer of Rapyd’s latest fundraising round.
Startup Savant reported last week that Germany-based fintech startup Mambu recorded success in raising €110 million ($135 million) to reach a valuation of €1.7 billion ($2.1 billion).
Fintech-as-a-service platform Rapyd confirmed it raised $300 million in the Series D round. The fintech platform will use the funds to grow its team, make selected acquisitions, as well as invest in new tech.
About the Author
Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank. Outside of the bank, he serves as an Instructor at the FinTech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Luigi is also the published author of: The Digital Banking Revolution.