UK-based payment technology producer Rapyd secured $40m on Wednesday in a series B round co-led by mobile payment technology provider Stripe and venture capital firm General Catalyst.
Investment fund Tal Capital and VC firms Target Global and Ignia also took part in the round, as did unnamed payment and fintech companies.
Founded in 2016, Rapyd has developed software that enables businesses to integrate local payment methods or cross-border sales into digital applications including cash, bank transfers, e-wallets and local payment cards.
The company’s platform also provides services such as foreign exchange, reconciliation and compliance through Know Your Customer, anti-money laundering and counter financing terrorism checks.
Rapyd’s co-founder and CEO, Arik Shtilman, said: “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.
“Rapyd helps businesses and their customers pay and be paid however they choose by seamlessly integrating any local payment method or cash to run any digital application from a single API.”
Rapyd has now raised a total of $60m in funding, Shtilman told TechCrunch. Tal Capital led the company’s seed and series A rounds, it said on Wednesday.