B2B fintech-as-a-service provider Rapyd announced on Thursday its new venture arm, which will focus on investing in early and growth-stage businesses that are delivering the next wave of financial services innovation. The company reported that the arm will be led by Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific.
According to Rapyd, Rapyd Ventures will work with startups after their Seed round and through Series B funding that have unique market and customer insights and are expanding on existing market traction.
“In addition to capital, Rapyd Ventures will provide access to its extensive Fintech-as-a-Service capabilities and network of partners, offering startups strategic advice and giving them opportunities to move faster, expand more quickly, and accelerate their growth.”
The venture arm will reportedly look at two types of projects:
- Capability providers delivering core infrastructure in areas where the market is going, including identity and risk management, faster and more seamless money movement and embedded financial services
- End-user platforms that are directly providing innovative financial services to consumers and businesses around the world
Yarbrough went on to add:
“We believe that ‘FinTech’ will be built into all types of services, and we want to help bring to life a network of innovators and a rich set of new payment, identity, open banking, and embedded finance capabilities to make it happen.”
Founded in 2016, Rapyd’s global payments network connects companies to “all the ways the world likes to pay.”
“With Rapyd, digital sellers in Latin America can accept cash. Online shoppers in Asia can pay with their favorite ewallet. And businesses can make payouts to companies and individuals anywhere in the world. With 900+ payment methods in 100 countries, you can open new markets, reach new customers, and create new opportunities anywhere.”
The launch of the venture arm comes less than six months after Rapyd raised $300 million through its Series D investment round, which was led by Coatue with participation from Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global, Target Global Durable Capital, Tal Capital, and Entrée Capital.