The last three years have been an incredible ride for Rapyd. In this short period, we’ve established ourselves as a global fintech player, created the Fintech as a Service category and scaled our business across the globe – all as a startup that was a total of 50 people just two years ago. This is a significant milestone in the company’s short history and a testament to our tremendous team.
I’d like to share why Rapyd has raised this “mega-round” and provide some insights into what the future holds for Rapyd, our investors, employees, clients, and partners.
Why We Are Doing a Series D
When Covid hit last year, it challenged every business. Digital payment transformations that companies were planning on doing over the next three years took place in three months. We understood there was going to be a big shift to online payments, and we spent the last year being agile and responsive to global change while we continued to build out our fintech and payments services via a single platform. To meet businesses’ needs, Rapyd has to scale up and down between different customer sizes and provide different onboarding experiences, support and products.
“Moving online isn’t the real opportunity. Having the ability to work across borders digitally and enter new geographic markets no matter what business you are in or how large is what matters. Rapyd is the fastest way to expand payment capabilities without complexity.“
While our enterprise business has grown, the launch of self-service onboarding and our initial ecommerce platform plugins for WooCommerce, Wix, Shopify and Magento were an important driver in our evolution and growth as we can now serve millions of businesses worldwide that want to sell anywhere in the world. We’ll be doubling down on this strategy in 2021 and making big investments in expanding our channel strategy into additional use cases and working with new platform partners.
What This Funding Round Means for Rapyd
First of all, this represents a major validation of our Fintech as a Service approach that allows companies of all sizes to quickly and easily embed fintech and payments capabilities into any application. We’ll be doubling our engineering and R&D budget and continuing to build out our global team.
This round of investment will help us expand our capabilities and our global reach. Last year we launched all-in-one payment solutions in Brazil, Mexico, the UK, India, South Korea and Thailand. This year we’ll be expanding the Rapyd Global Payments Network to reach more countries than any other platform. Our approach of unifying fragmented local payment systems and operationalizing them so a business can easily connect into them to offer a local payment experience is a core differentiator because Rapyd does this at scale.
The acquisition of European-based card acquirer Korta gave us POS payment processing capabilities which have added to our end-to-end product capabilities. We’ll look to make other strategic acquisitions in 2021 and beyond. We already see several opportunities in the market and we now have a war chest that will allow us to seek out and act on those opportunities.
We Got Here Thanks to an Incredible Team
We’ve been very fortunate to have world-class investors back Rapyd since our inception as part of our team. Our Series D round was led by Coatue. Several new investors also participated in the financing, 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.
What makes any successful company are its people and that is certainly true at Rapyd, our team is our biggest asset.
Our global workforce has done an incredible job of getting us where we are so quickly. I want to thank everyone at Rapyd for their incredible hard work and support. We have the best people and that’s what has made the biggest difference. Together we are building the ultimate platform to let companies do business anywhere.
Because our people are our most valuable asset, we’ll be adding a lot more of them too. If you or someone you know is looking for an opportunity to join a global company that’s building the future of fintech, check out our careers on Rapyd.net.
Thanks for coming along on the ride with us.