Israeli-founded global fintech-as-a-service provider Rapyd announced on Wednesday that it raised a $300 million Series D financing round led by New York-based global tech-focused investment manager Coatue.
Several new investors participated in the round including Spark Capital, Avid Ventures, FJ Labs, and Latitude. There was also further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
Founded in 2015 by Israelis Arik Shtilman, Arkady Karpman, and Omer Priel, Rapyd’s platform embeds fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use API while managing diverse compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network, which supports hundreds of local payment methods including cards, bank transfers, e-wallets, and cash.
The new funds will be used to double Rapyd’s engineering and product teams, and expand the “self-service” element of the company’s platform.
Rapyd said it will continue its focus on core markets that serve B2C and B2B eCommerce payments, marketplace, and financial services businesses. Following the company’s successful acquisition and integration of European card acquirer Korta in July of last year, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa.
Rapyd said 2020 has been a year of “tremendous growth” as the world experienced a massive acceleration in the adoption of local and cross-border digital payments. The COVID-19 pandemic has accelerated areas that are typically more gradual, including consumer behavior and purchasing habits. This has propelled consumers and businesses to accept and send payments using cards and alternative payment methods, according to The 2020 McKinsey Global Payments Report.
“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,” said Shtilman, co-founder and CEO of Rapyd. “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.”