Calcalist has said that the company has seen its value surge sixfold since January 2021, when it completed a $400 million funding round at a valuation of $2.5 billion. (The company also raised a $300 million Series E round in August 2021.) The company has so far raised a total of $960 million, $160 million of which came from secondary deals.
The company’s investors include BlackRock, Fidelity General Catalyst, Target Global, and Spark Capital, and their recently closed deals have enabled Rapyd’s valuation to become the highest in both private tech and fintech company categories.
The valuation is a result of an acquisition strategy that has been mainly applied to companies in Europe and Asia. In April 2020, for instance, Rapyd acquired Kortathjonustan hf (Korta), a credit card payment processing company, in a deal Calcalist learned to be several tens of millions of dollars. Last July, Rapyd acquired Icelandic payments company, Valitor, in a deal valued at $100 million. Earlier this year, Rapyd continued its strategy with the acquisition of Neat, a cross-border trade enabling platform for SMBs and startups based out of Hong Kong, although purchase details were not disclosed.
Founded in 2015 under its original name, CashDash, Rapyd offers a range of payment services that allow the transfer of electronic funds across borders via bank transfers, digital wallets, and cash. In June 2021, the company announced the launch of its new venture arm, Rapyd Ventures, which focuses on investing in early-stage financial services businesses.
Rapyd now employs 600 people worldwide, including 330 in Israel. With its growth at an all-time high, Rapyd plans to recruit hundreds more in the months and years to come.