A fintech startup Rapyd, launched in the year 2015 to create a cardless financial network, supporting the expansion of local and cross-border businesses in any type of commerce or fintech application. It manages the complexity of connecting disparate local payment systems and payment methods and ensures local regulations. Rapyd was founded by Arik Shtilman (CEO of Rapyd) and Tricia Kemp (Co-Founder).
Rapyd has raised funding of US$100 million in a Series C funding round led by Oak HC/FT, with participation from the investors including Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
The company will be building its next engineering center in Singapore, with the goal of tapping into the experience and energy of young technologists.
- Rapyd, a fintech startup provides cash acceptance, bank transfers, e-wallet, and local debit card payments.
- It facilitates users to buy foreign exchange, locate any 24/7 CashDash ATM via the in-app online map where no card is required to withdraw cash.
- It helps the users to get back a reward for using the application and also returns the spare foreign currency directly to the bank account.
- It is currently in 170 countries, and with this new financing, hopes to make its local vision and go global.
- It offers a multi-currency settlement to a single file across 65 currencies, and KYC, AML, and counter financing terrorism services.
The latest funding round follows Rapyd’s US$20 million series B round early this year. Rapyd is currently operating in Singapore, Silicon Valley, and Tel Aviv.
“Some parts of the new funds will go to the product and growth roadmap of Rapyd, a fintech startup in the Asia Pacific,” said the vice president of Rapyd Joel Yarbrough.
“As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it difficult to enable local payment methods digitally and process cross-border sales that are required for international expansion,” said founder and CEO Arik Shtilman.
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