UPDATED 22:06 EDT / APRIL 20 2020


Fintech startup Rapyd acquires payments card service provider Korta

Financial technology startup Rapyd Ltd. announced today that it has acquired Korta ehf, an Iceland-based payment card service provider, for an undisclosed sum.

Founded in 2002, Korta offers cross-border payments services in the European Union. The company offers services such as point-of-sale terminals, online payments and card storage services. Korta offers support for both Visa Inc. and Mastercard Inc. transactions along with technical support for data delivery, merchant services, billing and settlements.

Rapyd Ltd. is a U.K.-based fintech startup that aims to help merchants, gig-economy platforms and technology providers create and launch applications on its cloud-based technology platform. The acquisition of Korta is said to provide Rapyd point-of-sale capabilities.

The company’s existing offerings include a suite of cloud-based financial services aimed at companies with global operations, along with credit card issuing and fraud detection.

“Merchants looking at the new economic environment understand that they will need easier and quicker ways to scale their online businesses, as well as to establish an integrated omnichannel presence,” Rapyd Chief Executive Officer Arik Shtilman said in a statement. “By leveraging Korta’s omnichannel card acquiring technology we can expand our fintech as a service platform into new channels and payment methods to provide merchants a truly integrated and localized solution with Rapyd’s easy-to-use APIs and automated self-service tools.”

It wouldn’t be April 2020 without a mention of COIVD-19 and naturally, Rapyd referenced the global pandemic. Merchants are “rethinking growth strategies in the new environment,” the company said, referring to coronavirus, and are “looking for payment acceptance strategies that not only provide traditional online payment methods from Visa and MasterCard, but seek to reach the 4 billion consumers that don’t have credit cards and pay through other means including cash, e-wallets, bank transfers and local debit cards.”

Rapyd has solid venture capital backing. The company has raised $170 million and counts among its investors Stripe, Oak HC/FT, Tiger Global Management, General Catalyst and Target Global, among others. The company raised $100 million in October on a “unicorn” valuation of more than $1 billion.

Image: Raypd

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