Rapyd raises £220 million

Global FinTech Rapyd has announced £200 million ($300 million) in Series D funding.

The London-headquartered business said the money will be spent on doubling the engineering and product teams, as well as expanding the self-service element of the company’s platform.

The company said it will continue focussing on core markets that serve B2C and B2B e-commerce payments, marketplace, and financial services businesses.

The funding follows the purchase of European card acquirer Korta, which took place early last year.

Rapyd has hinted at plans to buy further companies across the Americas, Asia Pacific, Europe, Middle East and Africa.

“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Arik Shtilman, co-founder and chief executive of Rapyd. “To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.”

The financing round, which was led by Coatue, saw Spark Capital, Avid Ventures, FJ Labs, and Latitude, join existing investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.

“The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies,” said Kris Fredrickson, managing partner, Coatue. “We are honoured to partner with Arik and team for the next phase of the Rapyd journey.”

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