The company was originally called CashDash when it was founded by three Israelis in 2016.
By ZEV STUBRapyd co-founders Arik Shtilman, CEO, Arkady Karpman, VP R&D, and Omer Priel, VP Corporate Development.(photo credit: Courtesy)
Rapyd, a global Fintech as a Service company founded in Tel Aviv, said Wednesday it raised a $300 million in a massive Series D financing round that valued the company at $2.5 billion.Rapyd's platform embeds fintech services into any application and simplifies the complexity of offering local payment methods while managing diverse compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, ewallets, and cash. The company was originally called CashDash when it was founded by three Israelis in 2016. It now has 200 employees and offices in Tel Aviv, London, San Francisco and Singapore. The funding round was led by Coatue, with new investors including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital."The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast," said Arik Shtilman, co-founder and CEO of Rapyd. "To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company."The new financing will be used to double the company's engineering and product teams, as well as expand the "Self-Service" element of its platform. Following its acquisition of European card acquirer Korta in early 2020, Rapyd said it is also exploring additional strategic acquisitions. in the Americas, Asia-Pacific and Europe, Middle East and Africa.
