Investors include online payments processor Stripe. Also Oak HC/FT, Tiger Global, Coatue, General Catalyst, Target Global, and Entrée Capital.
The fintech-as-a-service London-based startup Rapyd provides a number of financial services to accept cash, bank transfers, e-wallets and debit card payments in over 100 countries. It makes disbursements in over 170 countries as well as a multi-currency settlement to a single file across 65 currencies. In addition, there are real-time foreign exchange services.
Rapyd plans to distribute the raised money directly to the development of a unified cloud-based technology platform tailored to enable enterprises to integrate fintech and payment capabilities for commerce use.
The startup will also use part of the funding to better its Rapyd Global Payment Network which makes payment methods easier for businesses including bank transfers and e-wallets.
Arik Shtilman, co-founder and CEO of Rapyd, commented:
“Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure.”
“As financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential,” said Tricia Kemp, co-founder and managing partner at Oak HC/FT, stating. “We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”
Just recently, another company was funded by General Catalyst and venture capital firms Sequoia and Andreessen Horowitz. The company Stripe raised $250 million, overgoing its pre-money valuation to $35 billion.
Around 5th September, Stripe launched its lending project Stripe Capital for internet businesses in the US.
Stripe Capital’s main goal is reportedly to “provide access to fast, flexible financing that helps online businesses invest in growth.”
This statement takes us back to another good news from June 2019 when money transfer company MoneyGram announced their partnership with Blockchain company Ripple and started using their digital token XRP for cross-border payments. The speed and efficiency of Blockchain is what makes it a perfect technology for handling finance businesses and challenging situations. It is widely known that giants like JP Morgan Chase believe in the future of Blockchain technology. The American investment bank, headquartered in New York City, has started a new project named the Quorum division made for research and using the Blockchain technology. Also Bank of America and Goldman Sachs are there in the lists of giants taking a leap of faith with Blockchain.
Funding of startups that specialize in finance is very important for small and bigger businesses because getting efficient funding for a new project is hard in the current world.