Arik Shtilman, CEO, Rapyd

Rapyd, a global fintech as a service platform, has announced a $40 million series B financing round led by General Catalyst and Stripe, with participation from Target Global, IGNIA and other strategic payments and fintech companies. This takes the total raised by Rapyd to $60 million. The Fintech enables businesses and consumers to pay or be paid using multiple options including any payment method.

“We’re excited to work with our new partners General Catalyst, Stripe, Target Global, IGNIA, and others, who today join our earlier investors including seed and series A lead TaL Capital. This marks a critical inflection point in our evolution as a company and at a time when market demand for our fintech-as-a-service platform approach is accelerating,” said Arik Shtilman, Co-founder and CEO of Rapyd.

With the funds received, Rapyd aims to expand its technology 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.

“As global commerce continues to grow, the market opportunity for online merchants, the gig economy, online lenders and banks looking to provide access to funds instantly, is constrained due to the challenges of accepting and making local payment methods and cash transactions,” added Shtilman. “Rapyd helps businesses and their customers pay and be paid however they choose by seamlessly integrating any local payment method or cash to run any digital application from a single API.”

In addition to enabling local payments, Rapyd also provides a single point of reconciliation and settlement of all funds across 65 currencies and the ability to payout in over 170 countries, real-time foreign exchange services with advanced FX hedging technology and comprehensive global Know Your Customer (KYC), Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) services.

“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,” said Adam Valkin, Partner of General Catalyst. “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.”

Founded in 2015, Rapyd is headquartered in the UK with offices in London, Singapore, Silicon Valley, and Tel Aviv.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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