Rapyd raises $300M on $8.75B valuation as fintech-as-a-service continues to boom
Neobanks, other financial startups and the basic concept of “finance anywhere” are seeing huge gains at the moment, and today one of the key companies building the infrastructure that powers services like these is announcing a major growth round of funding to double down on the opportunity.
Rapyd — which provides a range of financial services like payments, mobile wallets, money transfers, card issuing, fraud protection and more, all by way of an API for third parties to integrate quickly into their own services — has raised $300 million, a Series E that TechCrunch understands from reliable sources values the company at $8.75 billion.
The company has been on a fast pace of growth in the last year, spurred in no small part by the global shift to carrying out life and business online in the wake of the COVID-19 pandemic. Rapyd’s total payment volume is on target to pass $20 billion this year, a four-fold increase on 2020’s volume of $5 billion. The company has some 12,000 small and medium-sized businesses using its services, with another 650 large enterprise clients.
Target Global — the European VC that has been making some big bets on fintech and commerce lately — is leading this round, with new backers Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock and Dragoneer, and previous backers General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures and Spark Capital also participating. Past strategic investors in the startup have included the payments behemoth Stripe.
