Rapyd — a London-based startup branding itself as a “fintech as a service” provider — has recently raised $100 million in a funding round that Oak HC/FT venture and growth equity investments company led.
The money raised would be used in a unified cloud-based technology platform development that integrates payment and fintech capabilities into various commercial applications as per a press release.
Besides Rapyd, other investors that submitted their contributions include Stripe (an online payments processor), venture capital firms Entrée Capital, Target Global and General Catalyst as well as other companies like Coatue and Tiger Global.
Building a cloud-based tech payment platform
With the funds, the firm would develop its Rapyd Global Payment Network which enables various businesses to access more than 500 local payment types such as e-wallets, cash, bank transfers, and many more in addition to the four billion customers available.
Rapyd’s CEO and co-founder Arik Shtilman added the following comments:
“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.”
Supporting other fintech projects
General Catalyst — alongside Andreessen Horowitz and Sequoia venture capital firms — recently participated in Stripe led $250 million funding round that further pushed its pre-money valuation to over $35 billion.
Stripe unveiled its lending service Stripe Capital for United States internet businesses in early September. Hundreds of business-oriented relevant signals are imputed in the Stripe Capital’s algorithm including repeat customers percentage, payment volume, revenue growth changes, and payment frequency.