Payments-as-a-service platform Rapyd has raised $300 million in Series B funding with the aim of making strategic acquisitions to support expansion in key growth markets.
Led by Target Global, the funding round was joined by several new investors including funds managed by Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds, and Dragoneer, along with participation from existing investors: General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.
Israel-based Rapyd in January bagged $300 million in a Series D financing round led by Coatue.
The new financing comes just a month after the firm agreed a deal to acquire Icelandic payments company Valitor from Arion Bank for $100 million. The company in June also launched a venture arm to invest in early-stage fintech startups.
Arik Shtilman, co-founder and CEO of Rapyd, says: "We plan to use the funding to continue to build out our global fintech-as-a-service platform and invest in strengthening our network capabilities worldwide. We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd's platform can support businesses looking to grow internationally. We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals."