Rapyd snares $300m Series E to accelerate growth and acquisitions

US payments network Rapyd has secured $300m from a Series E funding round led by Target Global.

The round also saw participation from new investors Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, Dragoneer, BlackRock Funds. Existing investors such as General Catalyst, Durable Capital Partners, Tal Capital, Avid Ventures, Spark Capital and Latitude also took part.

Founded in 2016, Rapyd markets a global payments network that connects companies’ to customers and enables the former to build the infrastructure to create FinTech solutions like cards, e-wallets and financial services.

According to Rapyd, it intends to use the funding to make several more strategic acquisitions to both support expansion in key markets and grow payment products and experiences.

The company said that this will ‘increase the scale of its platform not just across geographies, but also across verticals and solutions’.

This recent funding round builds on Rapyd’s $300m Series D funding round that it raised earlier this year.

Rapyd co-founder and CEO Arik Shtilman said, “Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated. Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity. We are grateful to our investors for acknowledging the new needs of our ecosystem and supporting our aspirations

“We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide. We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd’s platform can support businesses looking to grow internationally. We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals.”

Rapyd recently acquired European payments and card issuing company Valitor for $100m. Valitor – based in Iceland – provides its customers with both in-store and online payment acceptance solutions alongside card issuing to SMB merchants in Iceland, the UK, Ireland and all over Europe.

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