Fintech industry accelerates financial inclusion, to push faster digital adoption
Fintech industry accelerates financial inclusion, to push faster digital adoption
Photo by Sora Shimazaki from Pexels

Rapyd, a global fintech solutions company, has raised USD 300 million (about Rs 2,194.4 crore) in funding, led by Coatue.

The series D financing round saw participation from several new investors including Spark Capital, Avid Ventures, FJ Labs and Latitude, a statement said.

This also included further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital, it added.

The new financing will be used to double the engineering and product teams, as well as expand the 'self-service' element of Rapyd's platform, it said.

"The company will continue its focus on core markets that serve B2C and B2B e-commerce payments, marketplace, and financial services businesses. Following the successful acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa," it added.

In 2020, Rapyd was launched in multiple Asian countries including India, South Korea and Thailand. Rapyd's platform embeds fintech services into any application and simplifies the complexity of offering local payment methods while managing diverse compliance and regulatory requirements.

Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, e-wallets, and cash.

The demand for online payments has skyrocketed following the restrictions due to the effects of COVID-19, and as a company, Rapyd is well placed to provide businesses across the globe with the solutions they need and to get them up and running fast, Rapyd co-founder and CEO Arik Shtilman said.

"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," Shtilman added.

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Free Press Journal