Rapyd, the global fintech-as-a-service provider co-founded by Israelis Arik Shtilman, Arkady Karpman, and Omer Priel, announced on Wednesday a $100 million financing round led by US-based investment firm Oak HC/FT.
Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entree Capital also participated in the round.
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Rapyd has raised over $150 million to date, including its latest round and a $40 million Series B round in February, according to Crunchbase. The latest round puts the company’s valuation at close to $1 billion, TechCrunch reported.
The company says it will use the funds to continue building its unified cloud-based tech platform that helps businesses integrate Fintech and payment capabilities into any commerce application quickly and easily. Rapyd also intends to build upon its Rapyd Global Payment Network helping businesses expand in local and cross-border markets by reaching customers with a broad range of local payment methods.
“We are excited to work with Oak HC/FT, Tiger Global, Coatue and our other long-term investors to continue building and rolling out our Fintech-as-a-service platform globally,” said Shtilman, co-founder and CEO of Rapyd. “Global commerce is at a critical inflection point as 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 localized customer experiences without having to build their own infrastructure. The expectation today is that this must happen around the world in order 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.”
Founded in 2016, Rapyd has offices in Tel Aviv, London, San Francisco, and Singapore. It was originally called Cashdash.
“As financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential,” said Tricia Kemp, co-founder, and managing partner at Oak HC/FT. “We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”