Rapyd To Step Up FinTech-as-a-Service Offerings With $300M In New Funding

Global FinTech startup Rapyd on Tuesday (Aug. 3) announced a $300 million Series E funding round led by Target Global. Several new investors joined the round, including funds managed by Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds and Dragoneer, along with participation from current investors General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures and Spark Capital.

Rapyd intends to use the funding to make several key mergers and acquisitions to help broaden its offerings in key markets such as Europe, Asia-Pacific, the U.S. and Latin America. The company also plans to grow its payment products and experiences. In addition, the funds will be harnessed to take advantage of evolving opportunities propelled by the increased demand for digital payments, embedded finance and scalable, cloud-based payment systems. The move is expected to increase the scale of Rapyd’s platform.

Tuesday’s announcement comes on the heels of the FinTech-as-a-Service company’s recent $100 million acquisition of Icelandic payments solution firm Valitor from Arion Bank. At the time, Rapyd said the acquisition would “empower customers from any industry to streamline integration of omnichannel payments, expand into new markets and flatten FX fees, unlocking revenue and growth potential that would otherwise be inaccessible to them.”

See also: Rapyd To Acquire Valitor For $100M To Expand Omnichannel Payments

Rapyd also recently debuted Rapyd Ventures, the company’s venture arm, which focuses primarily on startups after their seed rounds and through Series B funding. Besides providing capital, Rapyd Ventures offers clients access to the company’s FinTech-as-a-Service offerings, network of partners and opportunities for more rapid expansion and growth.

Rapyd’s most recent funding round follows a Series D round, which netted $300 million. That funding round was earmarked for growing the engineering and product teams and stepping up the self-service functionality of Rapyd’s system.

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