Rapyd raises $300M from Target Global in a Series E round

SaaS News - Rapyd raises $300M from Target Global in a Series E round (source: SaaS Industry)
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Rapyd, a Fintech-as-a-Service company, has closed a $300M Series E round led by Target Global. Rapyd intends to use the funds to undertake a number of strategic acquisitions to assist growth in important sectors. Rapyd is currently valued at $8.75B, according to reports.

Rapyd, a Fintech-as-a-Service company, has announced that it has raised $300 million in a Series E funding round led by Target Global. Other participants include Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds, Dragoneer; and existing investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.

Rapyd intends to use the funds to acquire a number of further strategic acquisitions to promote development in important regions and expand payment products and experiences. Rapyd’s platform will grow in size not only across continents but also across verticals and products. According to TechCrunch, the current valuation of Rapyd stands at $8.75 billion.

Rapyd offers various financial services, including payments, mobile wallets, money transfers, card issuance, fraud prevention, and more, using an API that third parties may rapidly incorporate into their own businesses. 

The additional funds will also be used to accelerate Rapyd’s growth through a combination of organic growth, acquisitions, and strategic investments, to capitalize on emerging opportunities driven by unprecedented demand for Digital Payments, Embedded Finance, and scalable cloud-based payment infrastructure across all segments and verticals.

Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated. Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity. We are grateful to our investors for acknowledging the new needs of our ecosystem and supporting our aspirations.

Arik Shtilman, co-founder and CEO of Rapyd

He added, “We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide. We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd’s platform can support businesses looking to grow internationally. We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals.”

Rapyd has built a borderless embedded fintech infrastructure critical to all digital businesses that operate globally. Their platform incorporates payments, compliance, FX, fraud management, escrow, virtual account and card issuing, and more. But now, as the world sees growing traction across global eCommerce, Gig Economy, Fintech Solutions, and Technology platforms, Rapyd must take the next step. 

Mike Lobanov, a general partner at Target Global

There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive. Having led Rapyd’s Series A in 2018, we are confident that Rapyd can be such a partner and are now renewing our bet in this round.

Mike Lobanov, a general partner at Target Global

The new funding round follows Rapyd’s acquisition of Valitor for $100 million; and the launch of Rapyd ventures, the company’s venture division.

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