Digital payments platform Rapyd has raised $300m in a Series E funding round led by international VC firm Target Global.
Rapyd plans to use the fund to expand its service provision across different locations. The fintech as a service company currently has offices in London, California, Singapore and Tel Aviv.
Arik Shtilman, co-founder and CEO of Rapyd said: “We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide. 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.”
Rapyd, which has evolved over the years from a mobile payments company to a global borderless payments network, has a long-standing partnership with Target Global. The VC firm was one of the company’s first investors, and the partnership has been lucrative for both – today Rapyd is valued at around €1bn.
Other funding partners for this round included new investors Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds, and Dragoneer.
While Rapyd’s existing investors which returned for this round include General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.
Shtilman said his company was determined to capitalise on the recent demand for digital payments, and the funding would facilitate this.
Rapyd recently acquired payments company Valitor for $100m as part its own venture arm, called Rapyd Ventures.
“Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated. Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity,” he said.
The company plans on making more strategic acquisitions similar to the Valitor one to capitalise on the global ecommerce trend.
Mike Lobanov, general partner at Target Global said: “There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive.”
Lobanov added that he was confident that Target Global’s long relationship with Rapyd, which dates back to 2018 when the firm led its Series A funding round, would be renewed this time around with the new Series E funding.
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