Rapyd secures £81.4m in funding led by Oak HC/FT to expand its global fintech platform.
Oak HC/FT led the financing round, which will fund network expansion and product development.
Rapyd provides a fintech as a service platform that powers local and cross border payments for global businesses. The company unifies fragmented payment systems through a comprehensive network spanning multiple countries.
Rapyd has secured £81.4m in a financing round led by Oak HC/FT. The investment also drew participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entree Capital.
The fresh capital will be deployed to expand the company cloud based technology platform and grow the Rapyd Global Payment Network, enabling businesses to scale across international markets with diverse local payment methods.
From the founder
"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. The expectation today is that this must happen around the world in order to drive growth into new markets. 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."
Arik Shtilman
Co-founder and CEO at Rapyd
Investor perspective
"We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments."
Tricia Kemp
Co-founder and Managing Partner, Oak HC/FT
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Tricia Kemp
Oak HC/FT
Scott Shleifer
Tiger Global
Coatue
General Catalyst
Target Global
Stripe
Entrée Capital
