Rapyd, a London, UK-based fintech-as-a-service platform that enables businesses and consumers to pay or be paid however they choose, using any payment method or cash for local and cross-border e-commerce, raised $40m in Series B financing.
The round was led by General Catalyst and Stripe, with participation from Target Global, IGNIA and other strategic payments and fintech companies.
The company intends to use the funds to expand its technology platform.
Led by Arik Shtilman, Co-founder and CEO, Rapyd provides businesses with a SaaS platform that supports any local or cross-border commerce use case requiring local payments, such as bank transfers, e-wallets, and cash for local acceptance and payouts.
Businesses can integrate payment methods into any digital application from a single API and scale them globally across multiple payments networks.
In addition to enabling local payments, the system also provides:
(1) Single Point of Reconciliation and Settlement of all funds across 65 currencies and the ability to payout in over 170 countries,
(2) Advanced real-time foreign exchange services leveraging advanced FX hedging technology, and
(3) Comprehensive global Know Your Customer (KYC), Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) services.