Cross-border payments are getting another boost this week as Rapyd – which provides a range of financial services like payments, mobile wallets, money transfers, card issuing and fraud protection – announced upgraded features for its B2B clients and their respective global trade currencies.
According to a Tuesday release, B2B organizations can now make payouts via Rapyd’s “Disburse” platform in over 200 countries with various currencies such as USD, EUR, GBP AND SGD alongside popular regional and local currencies. Rapyd also revealed clients can now disburse Real-Time Payments (RTP) in 50+ countries across the globe.
“Rapyd’s platform is unique in that we can serve both Enterprises and SMEs, process local and cross-border large ticket transactions typical of global trade, along with higher velocity, lower ticket transaction sizes common in consumer and SME payments,” said Joel Yarbrough, Managing Director of Rapyd Ventures and Vice President of Asia Pacific.
In a soft launch, Rapyd also unveiled clients can use Virtual Accounts to accept payments in Singapore and Europe to pay in their locally preferred currency. According to Rapyd, the company is aiming for a “unified cloud-based solution to service the broadest array of countries, currencies, business types, and transaction sizes.”
Founded in 2016, Rapyd offers a range of digital financial services to third parties through API integrations. Now based in Silicon Valley – with its founding roots and CEO based in Tel Aviv – the fintech-as-a-service provider raised a solid $300 million Series E led by existing investor Target Global in August.
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.
At the time of its latest funding, Rapyd was estimated to be valued at $8.75 billion and was on target to pass $20 billion in total payment volume at years end. Rapyd’s unironically rapid growth highlights the success and necessity B2B fintechs are experiencing.
Zonos, a Utah-based fintech providing cross-border commerce APIs, announced raising a $69 million Series A in September, the same month global B2B platform Verto snagged $10 million for cross-border SMEs. The global B2B eCommerce market size had already been projected to reach $20.9 trillion by 2027, expanding at a 17.5% Compound Annual Growth Rate (CAGR) from 2020 to 2027, according to Grand View Research.