Rapyd raises $40 million in a Series B funding round led by Stripe
Category: #business  By Nikita Chaurasia  Date: 2019-02-15
  • share
  • Twitter
  • Facebook
  • LinkedIn

Rapyd raises $40 million in a Series B funding round led by Stripe

Rapyd, a UK-based Fintech-as-a-Service (FaaS) platform, has raised about USD 40 million in a Series B funding round led by Stripe and General Catalyst. As per trusted sources, the latest funding round witnessed participation from Ignia, Target Global, and other unspecified fintech and payments firms.

Reportedly, Rapyd intends to expand its technology platform with this investment. The company aims to tap into in-country or cross-border commerce that require local payments, such as e-wallets, bank transfers, or cash for local payouts and acceptance.

Co-founder and Chief Executive Officer of Rapyd, Arik Shtilman was reportedly quoted saying that the funding highlights a vital inflection point in the company’s evolution and that it has come at a time when the market demand for its AWS of fintech platform approach is growing.

The company reckons that there is a market opportunity given that over 50 percent of all transactions globally are facilitated via bank transfers. However, merchants find it extremely tough to process cross-border sales and digitally-enable local payment methods.

According to a report by VentureBeat, Rapyd offers single point of reconciliation and settlement of all funds in 65 nations in addition to local payments and the ability to payout in more than 170 nations. The company also provides anti-money laundering (AML)/counter financing terrorism (CFT) services, know your customer (KYC) services, and real-time foreign exchange services.

For the record, General Catalyst has offices in Boston, New York City, Palo Alto, and San Francisco. It has invested in a lot of firms including Snap, Kayak, HubSpot, Gusto, Deliveroo, Datalogix, and Airbnb.

The US-headquartered payments infrastructure company Stripe is well-recognized in fintech circles. The Chief Executive Officer of the company, Patrick Collison reportedly stated that the challenge of enabling local payments on a worldwide scale is crucial for the continued growth in global commerce.

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia    

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More

More News By Nikita Chaurasia

GSK, Zymeworks expand partnership for bispecific antibody development
GSK, Zymeworks expand partnership for bispecific antibody development
By Nikita Chaurasia

GSK anticipates using Zymeworks’ Azymetric technology for developing bispecifics drugs that treat communicable diseases Zymeworks Inc, a clinical-stage biopharmaceutical company, has recently announced that GSK has extended its 2016 licensing ...

Vertex, Kymera join forces for developing protein degradation drugs
Vertex, Kymera join forces for developing protein degradation drugs
By Nikita Chaurasia

Vertex would be paying $70 million in advance to work with Kymera including an equity investment in the company Kymera Therapeutics and Vertex Pharmaceuticals Incorporated (VRTX) have reportedly announced that they are entering into a four-year rese...

Amazon plans job cuts as it deploys machines to pack orders
Amazon plans job cuts as it deploys machines to pack orders
By Nikita Chaurasia

Amazon is well known for its drive to automate as many segments of its business as possible. The American multinational technology company Amazon Inc. is reportedly planning to deploy machines to automate boxing up customer orders. The company has i...