Rapyd, a UK-based payment infrastructure provider that counts mobile payment technology provider Stripe as an investor, raised $20m from investment firm Durable Capital Partners on Tuesday.
The funding was secured at a $1.2bn valuation according to TechCrunch. The deal comes two months after a $100m series C round that reportedly valued Rapyd at almost $1bn.
Founded in 2016, Rapyd has built a software development platform that lets e-commerce clients integrate support for more than 900 payment methods including bank transfers, digital wallets, cash and debit cards.
The additional capital will support expansion through mergers and acquisitions, Rapyd chief executive Arik Shtilman told TechCrunch. It is lining up two deals in the $100m range, focused on card issuing and payments, that are expected to close in February or March 2020.
The latter target is based in the Asia-Pacific region, Shtilman added, reflecting the area’s status as a key market for the company’s activities alongside Latin America. It is also piloting a new logistics service in Indonesia.
Rapyd has now accrued $180m in funding. Investment firm Oak HC/FT led the October round, which also featured Stripe, Tiger Global Management, General Catalyst, Target Global, Coatue Management and Entrée Capital.
The company had secured $40m in a series B round co-led by Stripe and General Catalyst in February this year, with contributions from Target Global, Ignia and existing backer Tal Capital along with undisclosed payment and fintech companies.