Payments-as-a-Service platform Rapyd is in talks to raise $300 million at less than half the valuation it secured in a 2021 funding round, according to Bloomberg.
The company is talking to investors about raising the funds at a $3.5 billion valuation, down from the $9 billion price tag it secured four years ago.
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.
The firm plans to use the funding in part to buy a payment processing startup, says Bloomberg, citing a source.
Rapyd has a history of making acquisitions, including European firm PayU GPO in 2023, Icelandic payments company Valitor in 2021, and Hong Kong-based business incorporation platform Neat.