In the wake of COVID-19, online payments are driving sales and innovation across industries, including in the B2B space. It comes as no surprise that this has boosted demand for services like PayPal, but other competitors, like Rapyd are growing faster and making in-roads into this space as well with innovative offerings.
Rapyd’s Fintech as a Service platform unifies a fragmented global payment landscape and removes complexity so businesses can focus on their core expertise:
Rapyd’s API Enables Companies To:
- Collect payments globally using thousands of methods
- Disburse funds globally to bank accounts
- Operate an eWallet that gives consumers and workers access to digital payments, financial services and cash withdrawals that is white-labeled like PayPal
- Issue cards on Visa and Mastercard in select markets
- Conduct foreign exchange transactions
While PayPal is aiming to grow B2B business by expanding the market for Venmo peer-to-peer payments and rolling out a contactless payment service, Rapyd is winning business because of its breadth of services and global footprint. According to Forbes, “Rapyd, has raised $180 million and is growing much faster than PayPal as it targets the $160 trillion market for business-to-business payments. Rapyd expects to hit $100 million in revenue in 2020 and was valued at $1.2 billion in December 2019, the last time it raised capital.”
As Arik Shtilman, CEO of Rapyd, told Forbes, “There are so many companies trying to do what we do — Worldpay, Ingenico. We win against competitors because of our global reach, single API, payment, collection, disburse for hundreds of companies around the world — Brazil, Indonesia, the UK and US. We cover the regulatory umbrella in all markets. We have a high success rate of payment settlement and a compliance platform that is fully digitized — which removes an impediment to completing a transaction.”