The fintech-as-a-service company raised $300m for its expansion plans in a funding round led by longstanding investment partners Target Global.
Digital payments platform Rapyd has raised $300m in a Series E funding round led by international VC firm Target Global.
Rapyd plans to use the investment to expand its service provision across different locations. The fintech-as-a-service company currently has offices in London, California, Singapore and Israel.
“We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide,” said Arik Shtilman, co-founder and CEO of Rapyd.
“We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US and Latin America, where Rapyd’s platform can support businesses looking to grow internationally.”
Rapyd, which has evolved over the years from a mobile payments company to a global borderless payments network, has a longstanding partnership with Target Global. The VC firm was one of the company’s first investors.
Other funding partners for this round included new investors Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock funds and Dragoneer. Existing investors that returned for this round include General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures and Spark Capital.
Mike Lobanov, general partner at Target Global, said: “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.
“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.”
Rapyd is looking to capitalise on the recent rise in demand for digital payments.
The company recently acquired payments company Valitor for $100m and launched its own venture arm called Rapyd Ventures. It now plans on making more strategic acquisitions similar to the Valitor deal.
“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,” Shtilman added.
“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.”