Israeli Fintech as a Service company Rapyd today announced the completion of a $300 million Series D financing round at a valuation of $2.5 billion. The company raised $100 million in October 2019 at a valuation of $1.2 billion, while a financing round in early 2019 was at a valuation of $300 million.
The round was led by Coatue with participation of new investors including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with existing investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital. The company has raised $480 million to date.
With offices in Tel Aviv, London, San Francisco and Singapore, the company was founded in 2016 as Cashdash by CEO Arik Shtilman, VP R&D Arkady Karpman, and VP Corporate Development Omer Priel. The company has 200 employees and plans expanding its workforce.
Rapyd's platform embeds fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use API while managing diverse compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network, which supports hundreds of local payment methods including cards, bank transfers, ewallets, and cash.
Shtilman said, "The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast. To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company."
Published by Globes, Israel business news - en.globes.co.il - on January 13, 2021
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