Following this announcement, the funding is expected to provide Rapyd with the possibility to further develop in the financial sector. According to Bloomberg, the new investment would value the global payments platform at USD 3.5 billion, a decrease from its USD 9 billion valuation set in 2021.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Rapyd represents a company that offers small, medium, and large businesses outside of the US the overall possibility to accept payments through the use of multiple channels. This includes banks, credit companies, digital wallets, and payment firms, some of which are located in niche regions, such as Southeast Asia and the Middle East. At the same time, the firm also offers a range of secure and efficient financial services, including payments, mobile wallets, money transfers, fraud protection, and card issuing, which are made accessible to third parties via an API.
Through this initiative, Rapyd is set to join a growing number of startups that are raising money at lower valuations, also called a down round, as most of the sector currently weathers a prolonged funding drought. In addition, it will also accelerate its development process in the financial landscape, as well as provide its clients with an optimised experience.
Officials of the company declined to offer details or to comment on the news.
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