Stripe-backed startup Rapyd secures $100 million for its 'fintech-as-a-service' API

London-based startup Rapyd, which describes itself as a “fintech as a service” provider, has raised $100 million in a Series C funding round led by venture and growth equity investments firm Oak HC/FT.

As per a press release, the fresh fund injection will be used to build a unified cloud-based technology platform that will allow businesses to implement fintech and payment capabilities into commerce applications.

“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,” Arik Shtilman, Rapyd co-founder and CEO, said.

It also plans to allocate funds to develop its Rapyd Global Payment Network that will provide businesses access to over 4 billion customers and payment methods, including cash, e-wallets, local debit card payments, and bank transfers in more than 100 countries.

Other investors that joined the funding are Tiger Global, Coatue, General Catalyst, Target Global, Entrée Capital, and online payments processor Stripe.

According to Tech Crunch, the new capital brings the total funding secured by Rapyd to $160 million, and the valuation in this latest round comes at a significant spike and is now approaching $1 billion.

Last February, Rapyd secured $40 million in a Series B funding led by General Catalyst and Stripe, with participation from Target Global, IGNIA, and other strategic payments and fintech firms.

At the time, Shtilman noted, “As global commerce continues to grow, the market opportunity for online merchants, the gig economy, online lenders and banks looking to provide access to funds instantly, is constrained due to the challenges of accepting and making local payment methods and cash transactions.”

Thus, Rapyd aims to help businesses and their clients accept and receive their payment options of choice by integrating any local payment method or cash to run any digital application from a single API.

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