British fintech Rapyd announced Wednesday, January 13 that it had completed a funding round of $ 300 million, led by Coatue, and with the participation of Spark Capital, Avid Ventures, FJ Labs and Latitude. Historic investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital and Entrée Capital are putting their hand in the pot and taking the valuation of fintech to over $ 450 million.
Rapyd, which has offices in London and Mountain View, Calif., Says the funds will be used to bolster the engineering and product teams and “explore global acquisitions in America, Asia-Pacific and Europe, Middle East and Africa“, she explains in a press release.
More than 900 alternative payment methods
Rapyd has developed an all-in-one payment solutions platform, which aims to simplify the complexity of offering local payment methods. Available on the Web and on mobile, the tool allows the acceptance of many payment methods such as cash, bank transfers, electronic wallets (or wallet), local debit cards. In all, this unified payments solution supports more than 900 alternative payment methods in more than 170 countries and multi-currency settlement via a single file for 65 currencies.
Its API integrates with merchant payment flow applications. The payment solution can stand alone or coexist with local payment systems, while Rapyd’s white-label wallet platform comes with features designed for retail. Rapyd also provides real-time currency exchange services, identity verification tools through document scanning and anti-money laundering services.
100 million revenues in 2019
FinTech takes a commission on payments and multi-currency transactions. A competitor solution of the Dutch Ayden and the Americans PayPal and Stripe, and boosted like the rest of the market by the jump in online sales, Rapyd recorded $ 100 million in revenue in 2020.
It operates, in addition to its domestic market, in Thailand and South Korea, Mexico, Brazil and India. It has also acquired the payment card specialist Korta, and has established strategic partnerships with Mastercard (as part of its Fintech Express program) and InComm.