UK-based payment technology producer Rapyd yesterday picked up $100m in series C funding from investors including mobile payment technology provider Stripe.
Investment firm Oak HC/FT led the round, which included hedge fund managers Tiger Global Management and Coatue Management in addition to venture capital firms General Catalyst, Target Global and Entrée Capital. The company is now valued at close to $1bn, according to TechCrunch.
Founded in 2016, Rapyd operates a software platform that allows businesses to integrate more than 500 local payment methods including bank transfers, digital wallets, debit cards and cash into their online stores and digital applications.
The platform includes real-time foreign exchange services, as well as client verification, anti-money laundering tools and anti-terrorism financing functionality. The series C round will fund the continued development of Rapyd’s platform and global infrastructure.
The company is also exploring opportunities with unnamed partners in the logistics sector and will initially target the Asia Pacific region, chief executive and co-founder Arik Shtilman told TechCrunch.
Rapyd has received $160m in funding to date. Stripe and General Catalyst co-led its $40m series B round in February 2019, with participation from Target Global, Tal Capital and Ignia as well as undisclosed payment and fintech companies. Tal Capital had already led seed and series A rounds of undisclosed size for Rapyd.
