Introduction

The digital payments market is projected to balloon to $3 trillion by 2023.

And today, a startup that allows businesses to achieve not just payments, but also many other related services has raised a massive round of funding to meet that requirement.

Meet Rapyd

Rapyd, a London-based startup that announces itself as a “fintech as a service” provider, has accumulated $100 million which it will use to grow its platform.

It allows customers to use its API to enable checkout, funds acquisition, fund expenses, foreign exchange and card issuing, among others. 

The valuation in this current round comes at a vital spike and is now near to $1 billion.  

“Rapid” is undoubtedly an operative word when it comes to Rapyd.

The company is not only taking a wave of strong growth, though this is the second funding round it has raised this year, after raising $40 million in February. 

Arik Shtilman, the co-founder and CEO of Rapyd, says the total payments volume on the platform has increased more than five times this year.

Plus next year it is projecting that its income run rate will triple as compared to 2019.

Rapyd does not reveal current revenue numbers, but it adds companies like Uber.

And other significant marketplaces, digital and brick-and-mortar merchants among its customers.

Oak HC/FT is managing this current round with support from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital. 

See Also: Tencent manages $10M A funding round in SenSat which will digitize real-world places

Rapyd: Fintech Service Provider | Itmunch

The Relation With Stripe

GC and Stripe managed its prior round. 

Stripe is presently one of the most prominent players in the world of venture-backed fintech startups.

In September it published a $250 million round that estimates it at over $35 billion. 

But interestingly, Stripe’s post in Rapyd, for now, is not tied to working with the company. 

Shtilman calls Stripe as “just a financial investor.”

Tricia Kemp the-founder and managing partner at Oak HC/FT said in a statement as financial services are digitized and global, Rapyd’s fintech-as-a-service plan has excellent growth potential.

They are excited to back and partner with the Rapyd team as they take one of the biggest challenges in financial services.

This is done by helping businesses operate the complexity of regional and cross-border digital payments.

Conclusion

Rapyd, a fintech startup providing “fintech as a service,” has successfully raised $100 million in funding, bringing its valuation close to $1 billion. This marks an exciting milestone as the company continues to rapidly scale, enabling businesses worldwide to streamline their digital payments and related financial services. With its API-driven platform, Rapyd has quickly gained traction, attracting notable companies like Uber and digital marketplaces as customers. With projections to triple its income run rate in 2021, the company is poised to capitalize on the growing digital payments market. The fintech sector continues to expand, and Rapyd’s ability to simplify cross-border payments for businesses positions it well for future growth.

FAQs

  1. What is Rapyd? Rapyd is a London-based startup offering fintech-as-a-service. It provides a platform that allows businesses to manage payments, fund acquisition, foreign exchange, card issuing, and more through a simple API.
  2. How much funding has Rapyd raised? Rapyd has raised a total of $100 million in its latest funding round. This brings its valuation close to $1 billion.
  3. What do businesses use Rapyd for? Businesses use Rapyd’s platform to streamline digital payments, manage foreign exchange, facilitate card issuing, and acquire funds. It also allows businesses to handle payments across different regions and borders.
  4. Who are some of Rapyd’s customers? Some of Rapyd’s major customers include Uber and other significant digital and brick-and-mortar merchants and marketplaces.
  5. How will the funding help Rapyd? The funding will enable Rapyd to expand its platform further, scale its operations, and meet the growing demand for seamless digital payments and financial services worldwide.
  6. What makes Rapyd’s platform unique? Rapyd simplifies the complexity of regional and cross-border digital payments, offering businesses a unified platform to handle various financial services efficiently.

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