HALF MOON BAY, Calif., Dec. 3, 2019 /PRNewswire/ -- Rapyd, a global Fintech-as-a-service provider today announced that Durable Capital Partners LP, has made its first investment in Rapyd. This follow-on investment brings the total funding Rapyd has raised to-date to approximately $180 million, including the company's initial series A round, previously announced Series B round of $40 million led by General Catalyst and Stripe, and Series C round of $100 million which was led by Oak HC/FT and Tiger Global.
Rapyd's unified cloud-based technology platform helps businesses quickly integrate Fintech and payment capabilities into any commerce application. E-commerce merchants, gig economy platforms, financial institutions, and technology providers are all looking to enable highly localized customer experiences, a challenge Rapyd solves by delivering the full stack of fintech services through a single API. More than four billion consumers seek to pay and be paid through preferred local payment methods like cash, e-wallets, bank transfers, and local debit cards. Through the Rapyd Global Payments Network businesses can now easily expand across local and cross-border markets instead of spending resources on building complex payments infrastructure.
Durable Capital Partners LP seeks to identify and invest in early stage growth companies in high growth technology sectors.
Arik Shtilman, CEO of Rapyd, commented, "We are thrilled that Durable Capital Partners LP under the leadership of Henry Ellenbogen is making its first investment in Rapyd. This is further validation that our market approach has all the elements of success needed to scale a global technology company."
Henry Ellenbogen noted, "Durable Capital Partners LP has a vision to identify and invest in promising early stage growth companies and invest in teams that have bold ideas but can also execute at a world-class level and build much larger companies. I believe the Fintech-as-a-Service category has tremendous potential as companies seek to embed financial services as an integral part of the next generation technology stack. I believe Rapyd is very well positioned to drive this trend and I believe Arik's track record in scaling cloud-based businesses will deliver success in this sector."
Rapyd helps businesses create great local commerce experiences anywhere. The world's most innovative ecommerce, technology firms, and marketplaces utilize our Fintech-as-a-Service platforms: Collect, Disburse, Wallet and Issuing to seamlessly integrate Fintech and payment capabilities into their applications. By accessing the Rapyd Global Payments Network, businesses can access over 900 locally preferred payment methods including bank transfers, e-wallets and cash in more than 100 countries. Now ecommerce, technology firms, and marketplaces can focus on growing new markets and reaching billions of consumers rather than building infrastructure. Investors include General Catalyst, Stripe, Target Global and others. For more information, visit www.rapyd.net.
About Durable Capital Partners LP
Durable Capital Partners LP is a newly formed investment adviser founded by Henry Ellenbogen. Durable Capital Partners LP's investment philosophy is grounded in sourcing small-cap compounders in both the private and public markets. Prior to founding Durable Capital Partners LP, Henry spent 18 years at T. Rowe Price, where he was Portfolio Manager of the Media & Telecom Fund (2005 - 2009) and the New Horizons Fund (2010 - March 2019). Henry was also T. Rowe Price's Chief Investment Officer for U.S. Equity Growth.
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