Rapyd, a London-based company developing an all-in-one payments platform, today announced that it’s raised $100 million in financing at a valuation approaching $1 billion, bringing the firm’s total venture capital haul to over $150 million.
Oak HC/FT led this latest raise, which followed only months after a $40 million series B raise and saw participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
CEO Arik Shtilman said the capital infusion will accelerate the buildout of Rapyd’s network and its cloud-based financial services tools.
He added that already, the local and cross-border businesses that rely on Rapyd’s local payment processing reach more than four billion consumers.
“Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure,” said Shtilman, who cofounded Rapyd in 2016.
As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion.”