Meeting the global demand for digital payments infrastructure, Rapyd has raised $300 million in a new funding round. The company is planning to further invest in its product offerings, as well as target growth opportunities through a series of acquisitions. Including this round, Rapyd has raised approximately $770 million.
Starting out as a mobile payments company in 2016, Rapyd has rapidly developed into a service far beyond its origins. Effectively, Rapyd powers global organisations including Ikea and Uber with local and cross-border payment options. The firm utilises a network of over 900 payment methods in over 100 countries, and grants customers access to markets faster than ever before possible.
“Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated,” comments co-founder and CEO Arik Shtilman. “Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity.”
In mid January of this year, Rapyd closed a $300 million Series D round at a $2.5 billion valuation. This new funding arrives less than a month after the company announced the acquisition of Icelandic payments solutions company Valitor for $100 million. If the message wasn't already clear; Rapyd is on a shopping spree and aims to dominate the field.
The Series E round was led by Target Global and saw participation from existing investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital. New investors include Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock, and Dragoneer.
“There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive,” comments Target Global’s Mike Lobanov. “Having led Rapyd's Series A in 2018, we are confident that Rapyd can be such a partner, and are now renewing our bet in this round.”