UPDATED 07:00 EST / JANUARY 13 2021

CLOUD

Fintech provider Rapyd raises $300M more for its global payments network

Startup Rapyd, which provides a platform that enables companies to process cross-border payments, has raised $300 million from an investor group led by Coatue in a funding round announced today.

Companies such as e-commerce firms that have customers around the world often require the ability to accept multiple payment methods and currencies. The challenge is that building the kind of backend infrastructure required to process cross-border transactions smoothly can be prohibitively complicated.

Rapyd, officially CashDash UK Ltd., solves the problem for its clients by providing a payments network with out-of-the-box support for many different payment methods and currencies. The platform enables companies to accept payments in more than 65 currencies from more than 100 countries.

Rapyd’s features are available, among other ways, as part of a pre-built online checkout interface that e-commerce firms can implement with relatively little custom coding. The interface also works with iOS and Android apps.

On top of processing customer purchases, companies can use Rapyd’s platform to disburse payments to their suppliers. For financial firms such as banks, in turn, the startup provides application programming interfaces they can integrate into their services to provide customers with features such as online money transfers. Rapyd also helps clients in the financial services sector with issuing payment cards.

Thanks to its broad feature set, the startup can target a variety of companies ranging from online stores to big enterprises looking to process their business-to-business payments more easily. That cross-industry reach, in turn, gives Rapyd a broad addressable  market. Rapyd said it will use the new $300 million to more actively target its core focus areas of e-commerce purchases, business-to-business transactions and financial services.

Rapyd plans to double the size of its product and engineering time as part of the growth push. Additionally, the startup said it will explore the possibility of spending some of the newly raised funds on strategic acquisitions in international markets. Rapyd has already made one strategic acquisition to expand its global presence: Last year it acquired an Iceland-based firm called Korta ehf that provides payments services in the European Union.

Rapyd, which is based in London and Mountain View, California, has secured more than $450 million from investors to date. Besides Coatue, the latest $300 million round announced today included the participation of more than a dozen other investors, such as returning backer Oak FT, which led the startup’s previous $100 million raise in 2019. 

Photo: Unsplash

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