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At the time when the digital transactions are increasing, a fintech startup called Rapyd that specialises in financial services such as payments, currency transfers, card issuing and ID verification has received funding. The fintech-as-a-service startup is touted to be similar to AWS for financial services.
In a recent development, Rapyd raised $40 million (€35 million) in Series B funding round jointly led by General Catalyst and Stripe, a payments giant along with the participation of other investors such as Target Global and IGNIA. It is said that the funds it has raised will be utilised to add more functions to the platform, expand its customer base and hire more staff.
Rapyd was founded in 2015 by Arik Shtilman. It opened for business by late 2017 and has made millions in terms of revenue in one year. It has its headquarters in the UK and offices in London, Tel Aviv, Silicon Valley and Singapore.
Seamless integration of payment methods
Rapyd helps businesses and customers pay and be paid. Its fintech-as-a-service platform enables any type of payment either within the country or cross-border. 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.
Partnership to drive growth
UK-based Rapyd partners with local financial networks, retailers and banks across the world in order to help drive growth for the businesses. It provides their customers with an intuitive and convenient access to both local payment options and cash.
Rapyd’s product helps merchants, telcos, banks and fintech companies expand the scope of their products, improve the customer experience and increase their reach. This is done by helping drive the ubiquity of payment as well as payout options beyond credit and debit cards towards e-wallets, instant payments, bank transfers, cash and mobile money.
“We’re excited to work with our new partners General Catalyst, Stripe, Target Global, IGNIA, and others, who today join our earlier investors including seed and series A lead TaL Capital. This marks a critical inflection point in our evolution as a company and at a time when market demand for our fintech-as-a-service platform approach is accelerating,” said Arik Shtilman, Co-founder and CEO of Rapyd.
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