Payment service company Rapyd has closed a $300m Series D financing round that it will use to fund strategic acquisitions and continue developing its fintech platform.
Rapyd provides an off the shelf payment platform that businesses can plug into their own services via an application program interface, or API. The London and Mountain View-headquartered startup says it takes care of all the compliance and regulatory requirements and saves companies from having to build their own payment infrastructure from scratch.
Its Rapyd Global Payments Network supports “hundreds” of local payment methods, from cards to bank transfers to ewallets.
Tech-focused investment management company Coatue, a previous backer of Rapyd, led the funding round. New investors included Spark Capital, Avid Ventures, FJ Labs, and Latitude.
Existing investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital also participated.
Rapyd said it would use the capital injection to double its engineering and product teams. On the product front, it plans to expand the ‘self-service’ part of its platform, which aims to simplify and speed up the process for businesses to integrate Rapyd’s solution.
“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,” said Arik Shtilman, co-founder and CEO of Rapyd.
“To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.”
Rapyd said it is exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa.
That follows its acquisition of Icelandic payment card service provider Korta for an undisclosed sum in early 2020. Rapyd has since integrated Korta it into its own growing business.
“The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies,” said Kris Fredrickson, Managing Partner at Coatue.
“We are honored to partner with Arik and team for the next phase of the Rapyd journey.”
Founded in Israel in 2016, Rapyd previously raised $120m in a Series C round at the end of 2019.