Payments-as-a-service company Rapyd raises $300m

Payments-as-a-service company Rapyd has raised $300 million in a Series B funding round.

The Israeli FinTech provides an API which allows third parties to integrate services like payments, mobile wallets, money transfers, card issuing, and fraud protection into their own offerings.

Rapyd said it will use the capital to invest in its product development, as well as to grow via a series of acquisitions.

The round was led by Target Global and existing investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital also joined the round.

New investors including Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock, and Dragoneer also participated.

The news comes after Rapyd raised $300 million in a Series D funding round led by technology investment manager Coatue in January.

The official valuation for the round was not disclosed but is around $8.75 billion according to sources cited by TechCrunch.

The news comes after Rapyd announced the acquisition of Icelandic payments company Valitor for $100 million in July.

“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,” comments co-founder and chief executive Arik Shtilman. “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.”

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