Rapyd raises $40m from Stripe, a fellow portfolio company of Entree Capital
Rapyd, a fintech founded by CEO Arik Shtilman 4 years ago has raised $40 million in series B funding from Stripe and General Catalyst and others , to further expand its operations worldwide.
What Rapyd does
Rapyd helps companies and merchants of all sizes integrate a range of payment services into their platforms, and operates on a fintech-as-a-service model. It offers a technology stack that provides support for financial, payment, mobile wallet, and money movement services through a single API.
The Rapyd solution provides a single point of reconciliation and settlement of all funds across 65 currencies and the ability to pay out in over 170 countries.
Using Rapyd’s technology, a company can enable support for payments in over 100 countries, via more than 500 locally supported payment methods — such as direct deposits to banks, local cards, and mobile wallets —
What the money will be used for
The Capital is going to be used to expand to more markets across the Americas and Europe, Middle East, Africa (EMEA) and Asia-Pacific (APAC) regions and to further develop its infrastructure.
Stripe CEO Patrick Collison sees a big demand for Rapyd’s services. “The challenge of enabling local payments on a global scale is critical for the continued growth in worldwide commerce. We are excited by Rapyd’s vision and believe they are solving a significant challenge that will help to increase the GDP of the internet,”
Both Stripe and Rapyd are portfolio companies of Entrée Capital
Founded in 2009, Entrée manages more than $300 million across a number of funds and its portfolio includes the likes of SnapChat, Stripe, Deliveroo, Prospa, monday.com, Riskified, HouseParty, Stash, PillPack, SeatGeek, Coupang and over 50 other investments.
Managing partner of the fund Avi Eyal picked fintech as a growth industry in 2015! Was definitely the right call!