Fintech: Israeli Payments Platform Rapyd Raises $300 Million

Rapyd reports a base of around 5,000 businesses, gaining approximately 500 new customers every week.

By Tess Levy, ISRAEL21c

Global payment service Rapyd raised $300 million in a Series D financing round.

The funds will go toward doubling its engineering and product teams and expanding the self-service element of its platform, which embeds fintech services into any application.

Founded in Tel Aviv in 2016 by three Israelis, Rapyd now has more than 200 employees working in Tel Aviv, London, San Francisco and Singapore.

Rapyd reports a base of around 5,000 businesses, gaining approximately 500 new customers every week.

“The demand for online payments has skyrocketed following the restrictions due to the effects of Covid, and we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Arik Shtilman, cofounder and CEO of Rapyd.

By utilizing Rapyd’s payment network and Fintech-as-a-Service platform, businesses can engage in local and cross-border transactions within any market. Rapyd supports some 900 payment methods in more than 100 countries.

After acquiring and integrating the European card acquirer Korta, Rapyd is now exploring further strategic acquisitions in the Americas, Asia-Pacific, Europe, Middle East, and Africa.

Several new investors, including Spark Capital, Avid Ventures, FJ Labs, and Latitude participated in the most recent round. Many current investors also returned to support Rapyd, such as General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.

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