Rapyd, a Singapore-based global fintech as a service company, has raised US$300 million in Series D financing round, led by investment manager Coatue. Arik Shtilman, co-founder and chief executive officer of Rapyd, was quoted as saying in reports that the latest deal has brought its valuation to US$2.5 billion.
Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
Rapyd’s platform embeds fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use application programming interface (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, ewallets, and cash.
“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,” Shtilman says in a statement.
“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.”
Rapyd says the new financing will be used to double its engineering and product teams, as well as expand the “self-service” element of its platform.
It says it will continue its focus on core markets that serve B2C and B2B e-commerce payments, marketplace, and financial services businesses. Following the successful acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa.