Fintech firm Rapyd secures $100m to accelerate Asia growth

London-based fintech firm Rapyd has raised US$100 million in a series C funding round led by Oak HC/FT, with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.

Rapyd founders Arkady Karpman (left), Arik Shtilman, and Omer Priel / Photo credit: Rapyd

Through its platform, Rapyd supports the expansion of local and cross-border businesses in any type of commerce or fintech application. It manages the complexity of connecting disparate local payment systems and payment methods and ensures local regulations and compliance requirements are met.

“As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion,” Rapyd co-founder Arik Shtilman said.

Rapyd’s fintech-as-a-service platform provides cash acceptance, bank transfers, e-wallet and local debit card payments, foreign exchange, and know-your-customer services, among others.

The company will use the new investment to build out its cloud-based platform and further develop its Rapyd Global Payment Network, which helps businesses expand in local and cross-border markets.

Additionally, part of the new funds will go to the product and growth roadmap of the company in Asia Pacific, said Joel Yarbrough, vice president for Rapyd Asia Pacific.

He added that the company will be building its next engineering center in Singapore, “with the goal of tapping into the experience and energy of young technologists.”

The latest fundraise follows Rapyd’s US$20 million series B round early this year. The company was founded in 2015 and currently operates in Singapore, Silicon Valley, and Tel Aviv.