The funding will be used for further developing the company’s global fintech-as-a-service platform and for strengthening its network capabilities
Rapyd founders Arkady Karpman (left), Arik Shtilman (middle), and Omer Priel (right). (Credit: Rapyd Financial Network (2016) Ltd.)
Rapyd, a global financial technology company, has raised $300m at a valuation reportedly at $8.75bn in a Series E funding round led by Germany-based investment firm Target Global.
The funding round saw the participation of various new investors such as funds managed by Fidelity Management and Research, Whale Rock Capital, Altimeter Capital, Dragoneer and BlackRock Funds.
Existing investors such as General Catalyst, Durable Capital Partners, Latitude, Tal Capital, Spark Capital and Avid Ventures also took part in the Series E round.
Rapyd’s payments network and fintech-as-a-service platform is said to enable businesses and consumers to engage in local and cross-border transactions in any market.
The company’s platform is said to unify fragmented payment systems around the world by bringing together more than 900 payment methods in over 100 countries.
Target Global general partner Mike Lobanov said: “There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive.
“Having led Rapyd’s Series A in 2018, we are confident that Rapyd can be such a partner, and are now renewing our bet in this round.”
The latest funding follows Rapyd’s $100m acquisition of European payments and card issuing company Valitor and the launch of a venture arm called Rapyd Ventures.
Earlier this year, the global fintech-as-a-service platform provider had raised $300m in a Series D round that was led by technology-focused investment manager Coatue.
Rapyd said that the proceeds from the Series E round will help it make use of emerging opportunities created by the huge demand for digital payments, embedded finance, and scalable cloud-based payment infrastructure in all verticals and segments.
The global fintech organisation will also use the capital for expediting its growth by a mix of organic growth, strategic investments, and acquisitions.
Rapyd co-founder and CEO Arik Shtilman said: “Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated.
“Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity. We are grateful to our investors for acknowledging the new needs of our ecosystem and supporting our aspirations.”
Shtilman added that the company will continue to grow its footprint in high-growth markets in Europe, the US, Asia-Pacific and Latin America.