London-based fintech-as-a-service provider Rapyd has raised €91.6 million in financing, in a round led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe and Entrée Capital.
Earlier this year, Rapyd raised €36.7 million in Series B financing. With the new investment, the company will continue to build out its unified cloud-based technology platform that helps businesses quickly integrate fintech and payment capabilities into any commerce application.
The funding will also be used to further build out the Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than four billion consumers with a broad range of local payment methods beyond credit cards.
Rapyd is paving the way for the growing global wave of fintech and commerce modernisation being undertaken by e-commerce merchants, gig economy platforms, financial institutions, and technology providers looking to enable highly localised customer experiences.
“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 Arik Shtilman, co-founder and CEO of Rapyd.
“As financial services become increasingly digitised 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.”
“We are excited to become investors in Rapyd and believe the company is enabling global internet companies to improve their ability to accept local payments in emerging markets,” said Scott Shleifer, partner at Tiger Global Management. “We are impressed with Arik and his team and the differentiated platform Rapyd has built.”
Rapyd supports the expansion of local and cross-border businesses for any type of commerce or fintech application from one unified platform by managing the complexity of connecting disparate local payment systems, integrating any type of local payment method, and ensuring local regulations and compliance requirements are met.
Rapyd’s platform provides a number of capabilities including the ability to accept cash, bank transfers, e-wallets, and local debit card payments in over 100 countries; disbursements in over 170 countries; multi-currency settlement to a single file across 65 currencies; advanced real-time foreign exchange services, that on average, provide a lower cost to clients and their consumers, and are more profitable, due to advanced FX hedging technology; comprehensive global Know Your Customer (KYC), Anti-Money laundering (AML), and Counter-Financing Terrorism (CFT) services.