In the latest development, Rapyd, a global Fintech-as-a-service provider, has secured $20 million (approx €18 million) led by Durable Capital Partners LP. This funding brings the valuation of the company at $1.2 billion.
To date, the company has raised approximately $180 million (approx €162 million), including the company’s initial series A round, previously announced Series B round of $40 million (approx €35 million) led by General Catalyst and Stripe, and Series C round of $100 million (approx €90 million) which was led by Oak HC/FT and Tiger Global.
Founded by Arik Shtilman in 2015, Rapyd is a fintech-as-a-service platform that enables any payment either within the country or cross-border.
The UK startup is paving the way for the growing global wave of Fintech and commerce modernization being undertaken by e-commerce merchants, gig economy platforms, financial institutions, and technology providers looking to enable highly localised customer experiences.
It integrates local payment methods such as bank transfers, e-wallets, or cash into digital applications from a single API seamlessly. It is touted to operate the world’s largest local payments network connecting over 2 billion consumers across the world.
By accessing the Rapyd Global Payment Network, businesses can access over 500 local payment types, including bank transfers, e-wallets, and cash in more than 100 countries. Durable Capital Partners LP seeks to identify and invest in early stage growth companies in high growth technology sectors.
Arik Shtilman, CEO of Rapyd, commented,
We are thrilled that Durable Capital Partners LP under the leadership of Henry Ellenbogen is making its first investment in Rapyd. This is further validation that our market approach has all the elements of success needed to scale a global technology company.
Main image: Rapyd
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