UK based Rapyd, a global Fintech-as-a-service provider, has announced that Durable Capital Partners LP has made its first investment of €18 million into Rapyd.
This investment brings the total funding Rapyd has raised to more than €160 million, including the series A round, previously announced Series B led by General Catalyst and Stripe, and Series C round led by Oak HC/FT and Tiger Global.
Rapyd, founded in 2016, aims to help businesses create great local commerce experiences anywhere. In more detail, their unified cloud-based technology platform (the ‘Rapyd Global Payments Network’) helps businesses quickly integrate over 900 locally preferred payment methods (from bank transfers, to e-wallets, to cash) into any commerce application, through a single API.
The demand for Rapyd comes from e-commerce merchants, gig economy platforms, financial institutions, and technology providers all looking to enable highly localized customer experiences. Rapyd states that four billion consumers seek to pay and be paid through preferred local payment methods like cash, e-wallets, bank transfers, and local debit cards. Through the ‘Rapyd Global Payments Network’ businesses can now easily expand across local and cross-border markets instead of instead of spending resources on building complex payments infrastructure.
Arik Shtilman, CEO of Rapyd, commented, “We are thrilled that Durable Capital Partners LP under the leadership of Henry Ellenbogen is making its first investment in Rapyd. This is further validation that our market approach has all the elements of success needed to scale a global technology company.”
Henry Ellenbogen noted, “Durable Capital Partners LP has a vision to identify and invest in promising early stage growth companies and invest in teams that have bold ideas but can also execute at a world-class level and build much larger companies. I believe the Fintech-as-a-Service category has tremendous potential as companies seek to embed financial services as an integral part of the next generation technology stack. I believe Rapyd is very well positioned to drive this trend and I believe Arik’s track record in scaling cloud-based businesses will deliver success in this sector.”