Israeli fintech-as-a-service provider Rapyd today announced a $100 million Series C financing round led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
Following this latest financing round Rapyd has raised $160 million to date, including $40 million in February, and $5 million from its three founders CEO Arik Shtilman, VP R&D Arkady Karpman and VP business development Omer Priel. The financing round in February was at a company valuation of $300 million and this latest financing round, according to market sources, gives the company a value of nearly $1 billion. With offices in Tel Aviv, London, San Francisco and Singapore, the company was founded in 2016 as Cashdash. The company has 160 employees including 100 in Israel.
Rapyd will use the funds to develop its unified cloud-based technology platform to help businesses quickly integrate fintech and payment capabilities into commerce applications. The funding will also be used to develop its Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than four billion consumers with a broad range of local payment methods beyond credit cards.
Rapyd says that it is paving the way for the growing global wave of Fintech and commerce modernization being undertaken by e-commerce merchants, gig economy platforms, financial institutions, and technology providers looking to enable highly localized customer experiences.
Shtilman said, "Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure. The expectation today is that this must happen around the world in order to drive growth into new markets. As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion."
"As financial services become increasingly digitized and global, Rapyd's fintech-as-a-service approach has tremendous growth potential," said Tricia Kemp, co-founder and managing partner at Oak HC/FT. "We're thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments."
Published by Globes, Israel business news - en.globes.co.il - on October 1, 2019
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