Silicon Valley-based Rapyd has closed a $100 million Series C funding round led by Oak HC/FT and joined by previous investor Stripe, Rapyd announced in a press release on Tuesday (Oct. 1).
Other investors included Tiger Global, Coatue, General Catalyst, Target Global and Entree Capital. Rapyd, a FinTech-as-a-service platform, raised $40 million in series B financing earlier this year.
Rapyd’s platform supports 65 currencies and offers businesses access to over 500 local payment avenues in more than 100 countries, with disbursements in over 170 countries. Payment methods can be integrated into any digital application from a single API across multiple payments networks worldwide, according to the company.
The new funding will be used to build Rapyd’s cloud-based platform and network.
"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. Other co-founders are Arkady Karpman and Omer Priel.
"Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure,” Shtilman added.
Rapyd offers a unified platform that supports global businesses for any type of commerce or FinTech application. They also offer a suite of services beyond collecting payments.
"As financial services become increasingly digitized 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.
Rapyd’s fund collection offerings include cards, cash (which the CEO noted is “still king” in many countries), bank transfers and local eWallets. Fund disbursements include push-to-card and local eWallet options.
