UK-based digital payments platform Rapyd on Wednesday announced a $300 million Series D financing round led by US-based technology-focused investment manager Coatue.
Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital joined the round, Rapyd said in a statement.
“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID,” said Rapyd co-founder and CEO Arik Shtilman.
Rapyd, which has its APAC headquarters in Singapore, obtained a remittance licence from the Monetary Authority of Singapore (MAS) in October 2019 to scale affordable digital remittance services in the Asia-Pacific. “Singapore is a very important technology and business hub for Rapyd as we expand our business across the region,” Joel Yarbrough, Vice President for Rapyd in Asia Pacific had said at the time.
The company has also announced partnership announcements with OCBC Bank in Singapore and Hong Kong’s TNG Fintech Group in the past.
The latest financing will be used to double the engineering and product teams, as well as expand the “self-service” element of Rapyd’s platform, allowing businesses globally to onboard and begin using any of Rapyd’s financial capabilities in the shortest possible time frame.
Following the acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific, and Europe, Middle East and Africa, it added.
The company will continue its focus on core markets that serve B2C and B2B eCommerce payments, marketplace, and financial services businesses.
Rapyd’s platform embeds fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use Application Programming Interface (API) while managing diverse 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, ewallets, and cash.
The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak FT, Coatue, Tiger Global, Durable Capital, Target Global, and TaL Capital.