Rapyd, a US-headquartered payment software developer backed by digital payment technology producer Stripe, secured $300m yesterday in a series D round led by investment management firm Coatue.
Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global Management, Target Global, Durable Capital, Tal Capital and Entrée Capital also took part in the round, which valued the company at $2.5bn post-money, co-founder and CEO Arik Shtilman told TechCrunch.
Founded in 2016, Rapyd has built a cloud-based platform that enables users to make and receive cross-border payments while creating their own digital wallets, payment cards and financial services tools.
The cash will help the company double the size of its product and engineering teams while it explores strategic acquisitions in Europe, the Americas, the Middle East, Africa and the Asia-Pacific region.
Arik Shtilman said in a statement announcing the round: “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.”
The round increased Rapyd’s overall funding to $480m and follows a $20m investment by Durable Capital in December 2019 at a $1.2bn valuation.
Oak HC/FT had led a $100m series C round two months earlier that also featured Stripe, Coatue, Tiger Global, General Catalyst, Target Global and Entrée Capital, valuing the company at nearly $1bn.
Stripe had led Rapyd’s $40m series B round with General Catalyst in February the same year, participating alongside Target Global, Ignia and existing investor Tal Capital.
