- Rapyd, a global fintech-as-a-service provider, announced it raised $100 million in funding led by Oak HC/FT
Rapyd — a global fintech-as-a-service provider founded by Arkady Karpman, Arik Shtilman, and Omer Priel — announced it raised $100 million in a round of funding led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
With this round of funding, Rapyd will continue to build out its unified cloud-based technology platform — which helps businesses quickly integrate Fintech and payment capabilities into any commerce application. And the funding will also be used for further building out the Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than 4 billion consumers with a broad range of local payment methods beyond credit cards.
Now Rapyd 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 localized customer experiences.
“We are excited to work with Oak HC/FT, Tiger Global, Coatue and our other long-term investors to continue building and rolling out our Fintech-as-a-service platform globally,” said Shtilman. “Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure. The expectation today is that this must happen around the world in order to drive growth into new markets. As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion.”
With this round of funding, Rapyd will continue to build out its unified cloud-based technology platform — which helps businesses quickly integrate Fintech and payment capabilities into any commerce application. And the funding will also be used for further building out the Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than 4 billion consumers with a broad range of local payment methods beyond credit cards.
Now Rapyd 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 localized customer experiences.
“As financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential,” added Tricia Kemp, co-founder and managing partner at Oak HC/FT. “We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”
Rapyd supports the expansion of local and cross-border businesses for any type of commerce or fintech application from one unified platform by managing the complexity of connecting disparate local payment systems, integrating any local payment method, and ensuring local regulations and compliance requirements are met.
“We are excited to become investors in Rapyd and believe the Company is enabling global internet companies to improve their ability to accept local payments in emerging markets. We are impressed with Arik and his team and the differentiated platform Rapyd has built,” explained Scott Shleifer, a Partner at Tiger Global Management.
The company’s global fintech-as-a-service platform includes the ability to accept, cash, bank transfers, e-wallets, and local debit card payments in over 100 countries. And it accepts disbursements in over 170 countries, multi-currency settlement to a single file across 65 currencies, advanced real-time foreign exchange services that provide a lower cost to clients and their consumers. Plus it has comprehensive global Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter Financing Terrorism (CFT) services.
