“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,” Rapyd Co-Founder and CEO Arik Shtilman said in a press release.
The round included numerous new investors — Spark Capital, Avid Ventures, FJ Labs, and Latitude — as well as current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital and Entrée Capital.
This latest round of funding will be allotted to grow the engineering and product teams and advance the self-service functioning of Rapyd’s ecosystem. The London-headquartered FinTech is trying to enable businesses across the globe to rapidly onboard and start using the platform’s full capabilities.
Early last year Rapyd acquired European card acquirer Korta in early 2020 and is also considering into acquisitions in the Americas, Asia-Pacific and Europe, the Middle East and Africa.
“The payment landscape varies dramatically across countries. A company performing business internationally might need to take hundreds of local payment methods,” Kris Fredrickson, controlling partner at Coatue, said in the release.
The company’s payments network and FaaS platform facilitate local and cross-border operations for businesses and individuals. Rapyd is trying to bring together the more than 900 payment systems divided across over 100 countries.
In July, Rapyd cooperated with Mexican payment providers to establish an integrated payment solution in Mexico. The country has been increasing its online payments capabilities and has noticed annual eCommerce escalate almost 30 percent.