Rapyd Raises $300 Million Series E to Further Enhance its Fintech as a Service Offering Amidst Unprecedented Global Adoption of Embedded Finance
- Coming shortly after Rapyd's acquisition of Valitor, a European Digital Payments and Issuing company
- The financing will be used to support continued strategic M&A in key markets as well as product enhancements and channel growth
LONDON and MOUNTAIN VIEW, Calif., Aug. 3, 2021 /PRNewswire/ -- Rapyd, a global Fintech as a Service company, today announced a $300 million Series E funding round led by Target Global. Joining the round are several new investors including funds managed by Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds, and Dragoneer, along with participation from existing investors: General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.
The financing comes shortly after Rapyd's acquisition of Valitor, a European payments and card issuing company, for $100 million, and the launch of Rapyd Ventures, the company's venture arm. The additional funds will enable Rapyd to capitalize on emerging opportunities driven by the unprecedented demand for Digital Payments, Embedded Finance, and scalable cloud-based payment infrastructure across all segments and verticals, and will be used to accelerate the company's growth through a combination of organic growth, acquisitions, and strategic investments.
"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," said Arik Shtilman, co-founder and CEO of Rapyd. "We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide. We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd's platform can support businesses looking to grow internationally. We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals."
Rapyd plans to use the funding to make several more strategic acquisitions to both support expansion in key markets and grow payment products and experiences. This will increase the scale of Rapyd's platform not just across geographies, but also across verticals and solutions.
"Rapyd has built a borderless embedded fintech infrastructure critical to all digital businesses that operate globally. Their platform incorporates payments, compliance, FX, fraud management, escrow, virtual account and card issuing, and more. But now, as the world sees growing traction across global eCommerce, Gig Economy, Fintech Solutions and Technology platforms, Rapyd must take the next step. 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," said Mike Lobanov, General Partner at Target Global.
About Rapyd
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd's unparalleled payments network and Fintech-as-a-Service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd's investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Latitude, Target Global, and Tal Capital. To learn more about the company that is accelerating the Fintech-as-a-Service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.
About Target Global
Target Global is an international investment firm headquartered in Berlin, with more than €2bn in assets under management. With investing offices in London, Tel Aviv and Barcelona, we connect the key European startup ecosystems and leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion € markets. Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. The Target Global portfolio includes companies such as Auto1, Docplanner, Delivery Hero, Rapyd, TravelPerk, WeFox and Zego. More about Target Global: https://www.targetglobal.vc/
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