Rapyd rides the surging online payments wave

UK-based fintech, Rapyd, has raised an additional $300m, as the impact of the coronavirus has accelerated the growth of online commerce. The latest funding round was led by Coatue and attracted a number of new investors, as well as additional contributions from Rapyd’s existing supporters.

Rapyd provides a variety of online and mobile payment services that are designed to help businesses capitalise on ecommerce opportunities overseas, by tapping into local payment processing. The fintech facilitates payments and disbursements in multiple territories and enables multicurrency settlement, real-time foreign exchange, ID verification, as well as AML and counter terrorism services.

Founded in 2016, Rapyd is now valued at around $2.5bn (see: Payments Innovation – New Kids on the Block). The company plans to use its latest cash injection to help it expand its range of financial services offerings and further grow its international network.

The various lockdown restrictions in light of the pandemic are fuelling a global surge in online payments and Rapyd is one of the many beneficiaries of this trend. Just as in other sectors, in all likelihood, behaviours will be significantly changed on a permanent basis, even once restrictions are lifted. The current boom in ecommerce being enjoyed by the likes of Rapyd is therefore unlikely to be a passing trend.

Posted by: Jon C Davies

Tags: funding   payments   Rapyd  

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