According to media reports, the funding valued Rapyd at $8.75 billion.

Fintech-as-a-Service provider Rapyd, which enables ecommerce companies, technology firms, marketplaces, and financial institutions to quickly integrate fintech and payment capabilities into their applications, has raised $300 million. (TechCrunch)

The round was led by Target Global and included participation by existing investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital. New investors coming on board included Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock, and Dragoneer.

Strategic acquisitions

Reportedly, the round valued the fast-growing fintech startup at $8.75 billion. Rapyd will use the funds to make strategic acquisitions, expand into Latin America and Asia, product enhancements, product enhancements and R&D.

The company has already embarked on the acquisitions route – last month it acquired Valitor, an Icelandic payments solutions company, for $100 million. In its announcement, Rapyd said it was actively pursuing acquisition opportunities, “targeting strong payments companies and enhancing their capabilities by connecting them to the Rapyd Global Payments Network.”

The firm raised $300 million in a Series D funding round in January 2021.

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 our platform can support businesses looking to grow internationally. We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals.”

“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,” said Mike Lobanov, General Partner at Target Global.

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