Payments network Rapyd launches VC arm to invest in growth-stage businesses

Rapyd, a fintech-as-a-service platform and payments network provider, has launched a venture capital arm to invest in early- and growth-stage businesses focused on financial services innovation.

Mastercard’s Rama Sridhar and Rapyd’s Joel Yarbrough / Photo credit: Mastercard

Called Rapyd Ventures, the new unit will work with startups that are past their seed stage and through their series B funding, according to a statement. It will also provide startups with access to Rapyd’s fintech resources and network of partners to accelerate their growth.

Rapyd said it will look for two types of projects for its venture arm: those delivering infrastructure in areas such as risk management and embedded financial services, and platforms that directly provide financial services to consumers and businesses globally.

Rapyd Ventures will be led by the company’s vice president for Asia-Pacific Joel Yarbrough, who will serve as the new arm’s managing director.

“We believe that ‘fintech’ will be built into all types of services, and we want to help bring to life a network of innovators and a rich set of new payment, identity, open banking, and embedded finance capabilities to make it happen,” Yarbrough shared.

Founded in 2016, Rapyd allows businesses and consumers to engage in local and cross-border transactions in any market through its fintech platform. It unifies global payment systems to bring together over 900 payment methods in more than 100 countries.

In 2019, the company raised US$100 million in its series C round, which was led by Oak HC/FT. Its other investors include Stripe, General Catalyst, Coatue, Tiger Global, Durable Capital, Target Global, and Tal Capital.