Rapyd, the B2B financial technology-as-a-service company, launched an integrated payment solution in Mexico, allowing companies to access all local payment methods through one network, according to a news release.
In partnership with Mexican payment providers including Banregio, RedEfectiva, Cacao Paycard and others, Rapyd’s service will give businesses the ability to accept cash, bank transfers, and debit and credit cards through a single connection through its all-in-one platform, the company said.
With an annual online shopping growth rate at near 30 percent and a business to consumer market worth nearly $23 billion, Mexico is a market ripe for massive online payment growth, according to J.P. Morgan Global Payment Trends.
Just as in other countries dealing with the COVID-19 pandemic, Mexican consumers are quickly moving to digital payments or even cash transactions that are used in online payment scenarios. The London-based company said its platform makes digital and cash transactions more accessible to businesses and consumers.
“Mexico is one of Latin America’s high-growth markets. Our full-stack launch will contribute greatly to Mexico’s growing economy by helping local businesses digitize the acceptance of all payment methods in eCommerce marketplaces, digital platforms, gig economy, lending companies, neo-banks, and others,” said Rapyd Vice President Eric Rosenthal, in a statement. “Our platform also enables global businesses to accept every major local payment method through one, powerful and simple API integration, removing the complexities of fragmented payment infrastructures and allowing global companies to quickly service the growing Mexican market.”
Rapyd’s integrated payments network promises to provide the ability to quickly integrate complex local payment systems simultaneously, which typically can take months or years to integrate individually, the company said.
The company said its all-in-one platform also allows these businesses to quickly expand into other high growth markets in Latin America, almost instantly.
Rapyd supports more than 900 payment methods in more than 100 countries, the company said.
In December, Rapyd secured $20 million in funding, bringing its valuation to $1.2 billion. That round of funding came from new investment firm Durable Capital Partners. In October, it closed a $100 million Series C funding round, led by Oak HC/FT and joined by previous investor Stripe. Other investors included Tiger Global, Coatue, General Catalyst, Target Global and Entrée Capital.
Earlier this year, Rapyd partnered with Visa to help small and medium-sized businesses (SMBs) expand their FinTech and payment services. Rapyd also joined Visa’s program to issue its credit cards in the United Kingdom and expand its issuing and acquiring footprint across other regions.