Rapyd secures $300 mn in Series D funding led by Coatue

By Megha Bhattacharya

FinTech as a Service company Rapyd has secured $300 million in a Series D financing round. The round was led by Coatue and saw the participation of investors including Spark Capital, Avid Ventures, FJ Labs, and Latitude, General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.

“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Arik Shtilman, co-founder and CEO of Rapyd. “To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally and more specifically in our vision and company.”

According to Rapyd, the new financing will be used to grow the engineering and product teams as well as expand the ‘Self-Service’ feature of the platform. The company also aims to strengthen its core market focus that includes B2C and B2B eCommerce payments, marketplace, and financial services businesses.

Rapyd is currently in the process of exploring new acquisitions in the Americas, Asia-Pacific, Europe, Middle East, and Africa. Recently, the company has rolled out a fraud solution – Rapyd Protect. The new solution aims to provide defence and protect businesses and consumers against fraud across countries and payment methods. The fraud service is embedded in the global payments network that supports cards and over 900 Alternative Payment Methods.

“The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies,” said Kris Fredrickson, Managing Partner at Coatue. “We are honored to partner with Arik and team for the next phase of the Rapyd journey.”