Business-to-Business FinTech-as-a-Service (FaaS) startup Rapyd has notched $300 million in a Series D funding round led by Coatue and including both new and existing investors.
“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” Rapyd Co-Founder and CEO Arik Shtilman said in a Wednesday (Jan. 13) press release.
The round included several new investors — Spark Capital, Avid Ventures, FJ Labs, and Latitude — as well as current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital and Entrée Capital.
This latest round of funding will be earmarked to grow the engineering and product teams and advance the self-service functioning of Rapyd’s ecosystem. The London-headquartered FinTech is striving to enable businesses across the globe to quickly onboard and start tapping the platform’s full capabilities.
Early last year Rapyd acquired European card acquirer Korta in early 2020 and is also looking into acquisitions in the Americas, Asia-Pacific and Europe, the Middle East and Africa.
“The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods,” Kris Fredrickson, managing partner at Coatue, said in the release.
Rapyd's API, he added, removes that issue, and “is currently powering what we think are many of the world's most exciting companies.”
The company’s payments network and FaaS platform enable local and cross-border transactions for businesses and individuals. Rapyd is striving to bring together the more than 900 payment systems fragmented across over 100 countries.
In July, Rapyd collaborated with Mexican payment providers to introduce an integrated payment solution in Mexico. The country has been growing its online payments capabilities and has seen annual eCommerce escalate almost 30 percent.
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