AAA Rapyd hauls in $300m

Rapyd hauls in $300m

Rapyd, a UK-based payment software provider backed by digital payment technology producer Stripe, has secured $300m in a series E round.

Target Global led the round, which also included investment and financial services group Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock and Dragoneer.

They joined existing investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures and Spark Capital.

Following this round, the company reached a valuation of $8.75bn, according to TechCrunch.

The capital injection shortly followed the launch of Rapyd’s corporate venturing unit, Rapyd Ventures, which invests in early-stage fintech startups, and the acquisition of payments solutions provider Valitor, bought last month for $100m.

Founded in 2016, Rapyd provides a payment software infrastructure for e-commerce companies, technology firms, marketplaces and financial institutions. Its offering allows businesses to access a global network with over 900 payment methods including bank transfers, digital wallets, cash and debit cards.

Rapyd plans to use the funding to further develop its offering, strengthen its network capabilities and accelerate its organic growth, while financing new acquisitions and strategic investments.

Arik Shtilman, co-founder and chief executive of Rapyd, said: “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.

“We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets and exploring additional acquisitions that serve our strategic goals.”

Rapyd raised $40m in a February 2019 series B round co-led by mobile payment technology provider Stripe and venture capital firm General Catalyst and backed by investment fund Tal Capital and VC firms Target Global and Ignia.

Oak HC/FT led a $100m series C round for the company in October 2019 that also featured Stripe, Coatue, Tiger Global, General Catalyst, Target Global and Entrée Capital. Two months later, the company secured a $20m investment from Durable Capital.

More recently, Rapyd collected $300m in a January 2021 series D round led by Coatue. Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital and Entrée Capital also contributed to the round.