Israeli Fintech-as-a-Service (FaaS) startup Rapyd announced a $300 million Series D funding round. The investment was led by Coatue, with participation from FJ Labs, Avid Ventures, Spark Capital, and Latitude. These come in addition to the company’s existing investors, including Tiger Global, Oak FT, General Catalyst, Tal Capital, Durable Capital, Target Capital, and Entrée Capital. Rapyd’s post-money valuation landed at $2.5 billion.
The valuation doubled in a year.
Rapyd develops a platform that scales fintech applications globally. The FaaS solution enables enterprises to global currency transfer via digital wallets, bank transfers, cash, and others, while falling under financial regulations in countries of business. This increases value for customers, considering there are various methods of payments nowadays, by not limiting them to traditional global banking channels, such as credit card companies and banks. Rapyd’s system enables access to more than 900 different payment methods, supports customers in over 100 countries - allowing them real-time global currency transfer, while saving on the “middle man” fees.
Rapyd was founded in 2015, under the name CashDash, by CEO Arik Shtilman, who founded Avaya-acquired Inavigator in 2013, VP R&D Arkady Karpman, VP Corporate Development Omer Priel. The post Series D money valuation was set at $2.5 billion, resulting in the company doubling its worth since its last funding round. In December 2019, the fintech Unicorn extended its round to $120 million, on a $1.2 billion valuation.
"To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company," said Arik Shtilman, co-founder and CEO of Rapyd.
The company stated that the funds will be reinvested in doubling engineers and product teams, advancing technological development - an easy-to-use "Self-Service" product for enterprises, and for acquisitions. The company reported incredible growth as of late, highlighting, their onboarding of 500 new customers a week.