Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak HC/FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
According to the press release, the new financing will be used to double the engineering and product teams, as well as expand the ‘Self-Service’ element of Rapyd's platform, enabling businesses globally to onboard and begin utilising any of Rapyd's financial capabilities in the shortest possible time frame. The company will continue its focus on core markets that serve B2C and B2B ecommerce payments, marketplace, and financial services businesses. Following the successful acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific, Europe, Middle East, and Africa.
Rapyd's platform embeds fintech services into any application and aims to simplify the complexity of offering local payment methods via an API while managing compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, e-wallets, and cash.
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