Rapyd has announced a $40 million Series B financing round led by General Catalyst and Stripe, with participation from Target Global and IGNIA.

With this investment, the UK-based payments FinTech will expand its technology platform that supports any local or cross-border commerce use case requiring local payments, such as bank transfers, e-wallets and cash for local acceptance and payouts.

Co-founder and chief executive Arik Shtilman noted that the latest round of investors join earlier backers including seed and Series A lead TaL Capital. “This marks a critical inflection point in our evolution as a company and at a time when market demand for our FinTech-as-a-service platform approach is accelerating,” he added.

Shtilman explained that 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."

In addition to enabling local payments, Rapyd also provides a single point of reconciliation and settlement of all funds across 65 currencies and the ability to payout in over 170 countries, along with real-time foreign exchange services, and global Know Your Customer and Anti-Money Laundering services.

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