Fintech Rapyd Raises $300 Million In Series D Funding Round
Rapyd has now raised $460 million in funding. The London and Mountain View-based fintech startup Rapyd was founded in 2016 by Israeli and Russian entrepreneurs Arik Shtilman, Arkady Karpman, and Omer Priel. The company offers 'fintech as a service', with an API to enable developers to implement different payments processes.
Shtilman said that the company's revenues grew approximately five-fold in 2020.
"We initially had no interest in fundraising, we are very well funded and business was booming from the pandemic," Shtilman, Rapyd's CEO said. "We had a number of investors come to us in September and they have a strong long-term view on the business."
New investors including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital took place in this round.
The funding will go towards building out the company's product and engineering teams while a significant portion, around 30-40% will be used on M&A, Shtilman said.
"We see a lot of opportunities for bigger-scale M&A with some amazing assets in the physical space which were hit hard worldwide," he added.
"The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods," said Kris Fredrickson, managing partner at Coatue. "Rapyd's API, which abstracts away this complexity, is currently powering what we think are many of the world's most exciting companies."
The company is focused on the business at hand and said it will likely look to IPO "in the coming years."