Rapyd secures USD 100 mln in funding to fuel global Fintech-as-a-Service expansion

Wednesday 2 October 2019 07:23 CET | News

Rapyd, a global Fintech-as-a-Service provider, has announced a USD 100 million financing round led by Oak HC/FT.

Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital also participated in the funding round. Earlier in 2019, Rapyd also raised USD 40 million in series B financing. With this new investment, the company will continue to build out its unified cloud-based technology platform that helps businesses integrate fintech and payment capabilities into any commerce application.

The funding will also be used to further build out the Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than four billion consumers with a broad range of local payment methods beyond credit cards. Rapyd is paving the way for the growing global wave of fintech and commerce modernisation being undertaken by ecommerce merchants, gig economy platforms, financial institutions, and technology providers looking to enable highly localised customer experiences.

Rapyd supports the expansion of local and cross-border businesses for any type of commerce or fintech application from one unified platform by managing the complexity of connecting disparate local payment systems, integrating any type of local payment method, and ensuring local regulations and compliance requirements are met.

Rapyd’s global Fintech-as-a-Service platform provides a number of capabilities including:

  • the ability to accept cash, bank transfers, e-wallets, and local debit card payments in over 100 countries;

  • disbursements in over 170 countries;

  • multi-currency settlement to a single file across 65 currencies;

  • advanced real-time foreign exchange services;

  • global KYC, AML, and Counter Financing Terrorism (CFT) services.

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Keywords: Rapyd, financing round, Fintech-as-a-Service, Oak HC/FT, Global Payment Network, cross-border market, local payment methods, fintech, commerce
Countries: World