London-based fintech firm Rapyd successfully raised $100 million in funding. The additional $100 raised by Rapyd in its recent financing round brings its total valuation near $1 billion. In total, the amount raised by the financial technology company amounts to $160 million.
Rapyd is a financial technology service provider that provides payment solutions to businesses and other users through the help of a single API. Its platform currently allows users to collect payments, send out disbursements, foreign exchange, and the like, notes Tech Crunch.
According to Venture Beat, Oak HC/FT led the latest round of Series C Funding. Other companies that invested in the company include Coatue, Entrée Capital, General Catalyst, Strip, Target Global, and Tiger Global.
While Stripe continues to be a global leader in the field of fintech, Arik Shtilman, chief executive officer and co-founder of Rapyd says the company is only a “financial investor” in their thriving business.
The company plans to use its financing to further improve and enhance its platform. Apart from this, Tech Crunch says the fintech startup intends to add more people to its team and make more acquisitions along the way. Specifically, it aims to build more cloud-based financial services to cater to a wider market.
Tricia Kemp, managing partner and co-founder of Oak HC/FT says “as financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential. 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.”
In the same way, Tiger Global Management partner Scott Shleifer expressed the same sentiments, saying they “are excited to become investors in Rapyd and believe the company is enabling global internet companies to improve their ability to accept local payments in emerging markets.”
Currently, the company is providing services to big names in the industry and has already gained more than $20 million in profits, reveals Fortune.