Rapyd closed a $300m Series D in January of this year only to close a near-identical round just seven months later.
Raising a ‘mega round’ seems to be a fintech badge of honour for 2021, and fintech-as-a-service provider Rapyd has raised two this year alone.
The fintech’s second $300m raise of the year was led by Target Global, with several new investors, such as Fidelity Ventures, BlackRock and Dragoneer, and existing investors, including General Catalyst, Latitude and Spark Captial, also taking part.
“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,” said Arik Shtilman, CEO and co-founder of Rapyd.
“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.”
Rapyd will use the Series E funding to continue to drive growth, push for international expansion and look to make more acquisitions and strategic investments. Just last month, Rapyd acquired European payments and card issuing firm Valitor for $100m.
“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,” Mike Lobanov, general partner at Target Global, added.
“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.”
According to some reports, Rapyd’s latest fundraise also saw its valuation more than triple, from $2.5bn after its Series D in January of this year up to $8.75bn now.
As it stands, Rapyd currently connects to over 900 payment methods in more than 100 countries.