Rapyd Raises $100 Million For FaaS Platform

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Rapyd, a rapidly growing startup in the also rapidly growing Fintech as a Service (FaaS) marketplace, announced it has secured new funding.

The company, based in London and Mountain View, CA., raised $100 million in financing led by Oak HC/FT, along with Tiger Global, General Catalyst, Entree Capital, Stripe, Target Global and Coatue. Its last round, Series B from earlier this year, raised $40 million.

Rapyd plans to continue builiding out its unified clould-based tech platform which helps businesses quickly integrate Fintech and payment capablities into any commerce application.

This most recent funding round will also finance the continued build out of its Rapyd Global Payment Network which helps businesses expand in local and cross-border markets by expanding local payment methods to more than 4 billion consumers.

“We are excited to work with Oak HC/FT, Tiger Global, Coatue and our other long-term investors to continue building and rolling out our Fintech-as-a-service platform globally,” said Rapyd co-founder and CEO Arik Shtilman, in a statement. “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.

Rapyd hopes to lead the way for a growing global wave of fintech and commerce modernization being undertaken by e-commerce merchants, gig economy platforms, financial institutions, and technology providers looking to enable highly localized customer experiences.