FinTech solution integrating expert Rapyd has made no secret of its global ambitions. Now, the unicorn has taken another step to realising its vision through a new Visa partnership.
Having signed the new agreement with global payments giant, Rapyd is looking to expand its worldwide business operations.
It will be looking to offer FinTech and payment services where both firms see opportunities to help businesses expand their core offerings with more expansive local and cross-border market solutions.
Rapyd will also join Visa’s Fintech Fast Track programme as an enablement partner to drive its speed to market for FinTechs through a variety of Visa payment solutions. Astra, the company behind an automated app for moving money, became a member of the programme in early February, 2020.
Other parts of the agreement has seen Rapyd become a Visa issuer in the UK. It has ambitions to expand its issuing and acquiring footprint in other key regions over time. Through the new partnership, Rapyd will also be able to issue virtual Visa cards instantly.
“As businesses look for global expansion opportunities they must contend with the complexity of integrating local and cross-border payment capabilities, including collections, disbursements and card-based solutions,” said Sarel Tal, vice president of Europe, Middle East and Africa at Rapyd.
“Now Rapyd can leverage Visa’s offerings – Visa Direct for real-time funds transfers, Visa Token Services for secure digital payments,and Visa’s issuance capabilities – to enhance Rapyd’s core issuing and acquiring services, unlocking simple, relevant payment experiences for these businesses globally.”
Both firms expressed extreme excitement about being able to further tap into the growing European cross-border e-commerce market
“Rapyd’s platform helps FinTechs, merchants and marketplaces stand up payment-related services quickly and easily across multiple markets,” said Matt Dill, global head of strategic partnerships and venture, Visa. “We’re excited about our collaboration with Rapyd and the many benefits we can provide to our mutual partners worldwide.”
The news comes just months after Rapyd first netted $100m in Series C round in October and then another $20m in December. The capital injections gave the London-based company a valuation of $1.2bn. It has attracted $180m in total so far.
Rapyd had previously added TNG FinTech Group, the Hong Kong-based e-wallet and e-money platform provider, to its network in August 2019.
Visa has made no secret out of its ambition to partner up with more innovative businesses that can help it stay relevant in the ever-changing payments market.
”We believe that this market opportunity is huge, its global and it’s one where the best of breed solutions need to be brought together,” said Jeffrey Kim, vice president, head of Nordics and Blaltics product at Visa, during a recent event in Stockholm. “And Visa is playing a role in partnering with FinTechs.”
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