Buoyed by the pandemic-fuelled growth in cross-border digital payments, fintech-as-a-service platform Rapyd has bagged $300 million in a Series D financing round led by Coatue.
Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.
The new financing gives the company a $2.5 billion valuation.
Rapyd's platform enables businesses to accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, ewallets, and cash.
Arik Shtilman, co-founder and CEO of Rapyd, says: "The demand for online payments has skyrocketed following the restrictions due to the effects of Covid, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast."
He says the new financing will be used to double the engineering and product teams, and for acquisition opportunities in the Americas, Asia-Pacific and Europe, Middle East and Africa.