Rapyd announces a $300 mn Series E funding for Embedded Finance

By Joy Dumasia

Rapyd, a global FinTech as a Service company, announced a $300 million Series E funding round led by Target Global. Joining the round are several new investors, including Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock, and Dragoneer, along with participation from existing investors: General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.

The financing comes shortly after Rapyd acquired Valitor, European payments and card issuing company, for $100 million and the launch of Rapyd Ventures, the company’s venture arm.

The additional funds will enable Rapyd to capitalize on emerging opportunities driven by the unprecedented demand for Digital Payments, Embedded Finance. They will use scalable cloud-based payment infrastructure across all segments and verticals and accelerate the company’s growth through a combination of organic growth, acquisitions, and strategic investments.

Rapyd plans to use the funding to make several more strategic acquisitions to support expansion in key markets and grow payment products and experiences. This will increase the scale of Rapyd’s platform not just across geographies but also across verticals and solutions.

Arik Shtilman, co-founder and CEO of Rapyd, said: “Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated. Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity. We are grateful to our investors for acknowledging the new needs of our ecosystem and supporting our aspirations.”

Recently, IBS Intelligence reported that Rapyd, a global FinTech as a Service company, has entered into a definitive agreement with Arion Banki (Arion Bank) to acquire Valitor, an Icelandic payments solutions company. The deal size is $100 million and is subject to regulatory approval.