Rapyd, a global Fintech-as-a-service provider, announced on Tuesday it secured $100 million through its latest financing round, which was led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entree Capital. The latest funding round comes just months after Rapyd raised $40 million in through its Series B financing round.
As previously reported, 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.”
Speaking about the investment round, Arik Shtilman, Co-Founder and CEO of Rapyd, stated:
“We are excited to work with Oak HC/FT, Tiger Global, Coatue and our other long-term investors to continue building and rolling out our Fintech-as-a-service platform globally. 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.”
Tricia Kemp, Co-Founder and Managing Partner at Oak HC/FT, also commented:
“As financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential. We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”
Rapyd is planning to use the funds from the financing round to build out its unified cloud-based technology platform that helps businesses quickly integrate Fintech and payment capabilities into any commerce application. The company added:
“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. “