Reasons We Reject Applications to Activate Your Account (KYB) and Can’t Work Together

Rapyd is a financial technology provider and with that comes restrictions regarding the use of our products and services. These prohibitions and restrictions are outlined in our Restricted and Prohibited Businesses page which we make available throughout the onboarding process.

We thought we’d provide some additional context to describe the approach we take when approving (and not approving) companies that would like to do business with us.

Generally, we decline applications because working together is deemed too risky. We work closely with many payment networks, banking partners and regulatory bodies across the globe. Each entity has strict legal regulations and rules concerning the types of businesses they will and won’t work with. Rapyd as a member of these networks, partnerships and regulatory bodies has to accept financial, compliance, legal and security risks in order to process payments with these entities on behalf of our clients.

Here are some examples of businesses we absolutely will not support under any circumstance: 

• Illegal Business that include, but not limited to:
  • Counterfeit, stolen and pirated items
  • Human trafficking
  • Illegal investment schemes
  • Poisonous and hazardous materials
  • Pyramid or ponzi schemes
  • Anything on global sanctions list
• Examples of legal businesses that we absolutely won’t support:
  • Tattoo Parlours
  • Tobacco products
  • Weapons, ammunition, military arms
  • Gambling providers
  • Drugs and paraphernalia and pseudo-pharmaceuticals
  • Sexually oriented items such as sex toys

Additionally, we are very cautious and it is extremely likely we will reject your application if your business is in any of the following categories, but not limited to:

• Dropshipping
• Marketplaces
• Auctions
• Bankruptcy support
• Securities
• Gold and precious metals dealers
• Online dating services
• Alcohol

We also have the sole discretion to reject any business we don’t see as a fit for Rapyd. Examples of these types of businesses we often do not approve include, but are not limited too:

• Businesses we deem as “shady”: eg. multi level marketing, digital goods, pre-orders
• Business that attract fraud and money laundering: eg. cell phones, dropshipping and gift cards
• Business that are not properly registered in their jurisdiction
• Business that do not have business continuity, banking relationships or have poor financial history
• Company officers who are having or had legal troubles in the past

Rapyd desires to do business with as many companies as possible across the globe.  Before reaching out to Rapyd and asking if we can do business with your company please carefully read our complete Prohibited and Restricted business policy.  If you still have questions afterwards, please feel free to reach out to our Compliance Operations team with specific questions and use cases at compliance@rapyd.net.  .