Rapyd announced a $40 million series B financing round led by General Catalyst and Stripe, with participation from Target Global, IGNIA and other payments and fintech companies. Rapyd describes itself as a global fintech-as-a-service platform that enables businesses and consumers to pay or be paid however they choose, using any payment method or cash for local and cross-border e-commerce.
With this investment, Rapyd will expand its technology platform that supports any local or cross-border commerce use case requiring local payments, such as bank transfers, e-wallets, and cash for local acceptance and payouts. The fintech addresses a significant and growing market opportunity as more than half of all transactions worldwide are facilitated via bank transfer, but merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are critical for international expansion.
Mike Lobanov, general partner of VC firm Target Global, said in a statement: “We see the future in seamless payments with more and more transactions happening inside closed ecosystems through e-wallets. The global economy needs a modernized infrastructure which Rapyd is building.”
In addition to enabling local payments Rapyd also provides: single Point of reconciliation and settlement of all funds across 65 currencies and the ability to payout in over 170 countries; advanced real-time foreign exchange services, that on average, provide a lower cost to clients and their consumers, and are more profitable, due to advanced FX hedging technology; and comprehensive global Know Your Customer (KYC), Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) services.