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'Fintech-as-a-service' platform Rapyd raises $100m

'Fintech-as-a-service' platform Rapyd raises $100m

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 closed a $100 million funding round led by Oak HC/FT and joined by Stripe.

Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital also joined the round, which comes just months after Rapyd raised $40 million in Series B financing.

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 platform lets firms access over 500 local payment types including bank transfers, e-wallets and cash in more than 100 countries. Businesses can seamlessly integrate these payment methods into any digital application from a single API and scale them globally across multiple payments networks. In addition, the platform offers disbursements in over 170 countries, multi-currency settlement to a single file across 65 currencies, and KYC, AML and counter financing terrorism services.

The new funding will be used to build out the cloud-based platform and network.

Arik Shtilman, CEO, Rapyd, says: “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. The expectation today is that this must happen around the world in order to drive growth into new markets."

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