PayTech venture Rapyd scores major Series D funding
Local payments specialist Rapyd has announced a $300 million Series D financing round led by Coatue.
Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
The cash will be used to double the engineering and product teams, as well as expand the “self-service” element of Rapyd’s platform, which helps companies offer local payment methods and FinTech services.
Rapyd has now raised $460 million in total.
“The demand for online payments has skyrocketed following the restrictions due to the effects of Covid, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” says Arik Shtilman, Co-founder and CEO, Rapyd.
“To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.”
“The payment landscape varies dramatically across countries<“ comments Kris Fredrickson, Managing Partner at Coatue.
“A company doing business globally might needs to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies.”