Rapyd Secures $100 Million in Funding to Fuel Global Fintech-as-a-Service Expansionby Fintech News Singapore October 2, 2019
Payments focused fintech Rapyd announced that they have secured US$ 100 million of financing in round led by Oak HC/FT with participation from Tiger Global, Caotue, General Catalyst, Target Global, Stripe and Entree Capital.
This follows another round earlier this year which saw the company raise US$ 40 million in Series B financing.
The UK-based company already has some footprint in Singapore, in April 2019, Rapyd inked a deal with OCBC to enable retailers to receive payment immediately from OCBC Pay Anyone users.
Rapyd said in a media statement that the company will use the investment to build out its unified cloud-based technology platform that helps businesses quickly integrate Fintech and payment capabilities into any commerce application.
The funding will also be used to further build out the Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than four billion consumers with a broad range of local payment methods beyond credit cards.
“Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure. The expectation today is that this must happen around the world in order to drive growth into new markets. As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion.”
said Arik Shtilman, co-founder and CEO of Rapyd.
Featured image credit: Rapyd (From L-R) Rapyd Founders – Arkady Karpman-Arik Shtilman-Omer Priel