Rapyd, a 'fintech-as-a-service' platform that enables businesses and consumers to pay or be paid however they choose for local and cross-border e-commerce transactions, has raised $40 million in a Series B funding round led by Stripe and General Catalyst.
Rapyd claims to have found a growing market opportunity: more than half of all transactions worldwide are facilitated via bank transfer, but merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are critical for international expansion.
Its answer is a 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. Businesses can seamlessly integrate these payment methods into any digital application from a single API and scale them globally across multiple payments networks.
Adam Valkin, partner, General Catalyst, says: "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."