FintechPayments

Fintech-as-a-service provider Rapyd raises $300M Series E

Rapyd, a payments and financial API provider which enables fintech service integration, announced raising a $300 million Series E led by Target Global, according to a press release.

The company says it plans to use the funding to make several strategic acquisitions to support market expansion, scale its platform across new verticals and solutions and grow its payment products and experiences.

New investors Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds and Dragoneer also participated, alongside existing investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures and Spark Capital.

Rapyd operates under the ‘fintech-as-a-service’ model, offering a range of digital financial services to third parties through API integrations, including payments, money transfers, mobile wallets and card issuing, PoS, fraud protection, disbursements, e-commerce plugins and more.

The fundraise follows another $300 million round, a Series D led by Target Global in March 2021, and now brings Rapyd to over $1 billion in total funding raised. The round also brings Rapyd to a valuation of $8.75, according to TechCrunch.

“This is a quick cycle but the growth in our business has been vast and payments are moving so fast, so six months is actually more like 18 months which is a normal situation for fundraising,” Rapyd co-founder and CEO Arik Shtilman told Forbes.

Rapyd has already acquired European payments and card issuer Valitor this year for $100 million, and launched its venture arm Rapyd Ventures, with additional funding enabling the company to capitalize on demand for its cloud-based payment infrastructure. The acquisition of Valitor is planned to enable Rapyd to expand into higher-risk sectors such as cryptocurrency and online gaming.

Founded in 2016, the Silicon Valley- and Tel Aviv-based provider is now on track to pass over $20 billion in total payment volume for the year, with over 12,000 SMB customers and 650 larger enterprise clients.

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