UK Fintech Rapyd Raises $40 million Through Series B Funding Round Led By General Catalyst & Stripe

Rapyd, a UK-based fintech, announced on Wednesday it raised $40 million through its Series B funding round, which was led by General Catalyst and Stripe. Founded in 2016, Rapyd describes itself as a mobile-first financial network that makes the world’s “favorite ways” to pay and be paid instantly available through a single API and SDK.

“Through our scalable platform and API we are bringing together local financial specialists from every corner of the world to make the 100s of ways people pay available around the world, so that eCommerce merchants, gig platforms, challenger wallets, remittance platforms, online lenders, and even traditional banks can break free of their old infrastructure and limitations and create new mobile-friendly solutions to make payments faster, smarter, accessible and convenient to all.”

Rapyd also provides the following:

  • Single Point of Reconciliation and Settlement of all funds across 65 currencies and the ability to payout in over 170 countries
  • Advanced real-time foreign exchange services, that on average, provide a lower cost to clients and their consumers, and are more profitable, due to advanced FX hedging technology
  • Comprehensive global Know Your Customer (KYC), Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) services

Rapyd noted that with this investment it will expand its technology platform that supports any local or cross-border commerce use case requiring local payments, such as bank transfers, e-wallets, and cash for local acceptance and payouts. Speaking about the investment, Arik Shtilman, Co-founder and CEO of Rapyd, stated:

“We’re excited to work with our new partners General Catalyst, Stripe, Target Global, IGNIA, and others, who today join our earlier investors including seed and series A lead TaL Capital. This marks a critical inflection point in our evolution as a company and at a time when market demand for our fintech-as-a-service platform approach is accelerating.”

Adam Valkin, Partner of General Catalyst, added:

“Rapyd’s product offering helps merchants, banks, telcos and fintech companies expand the scope of the products they offer, increase the number of customers they reach, and improve the overall customer experience. Rapyd does this by helping drive the ubiquity of payment and payout options beyond debit and credit cards, towards cash, bank transfers, instant payments, e-wallets, and mobile money.”

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