Rapyd raised $300 million in January in a round that valued the company at $2.5 billion. The new round indicated that the company's value has more than tripled since. The company was founded under the name CashDash in 2015, and now has offices in London, San Francisco and Singapore as well.
The financing comes shortly after Rapyd's acquisition of Valitor, a European payments and card issuing company, for $100 million, and the launch of Rapyd Ventures, the company's venture arm.
The round was led by Target Global, along with participation from existing investors: General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital, as well as new investors including funds managed by Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds and Dragoneer.
The additional funds will enable Rapyd to capitalize on emerging opportunities driven by the unprecedented demand for digital payments, embedded finance, and scalable cloud-based payment infrastructure, and will be used to accelerate the company's expansion through a combination of organic growth, acquisitions, and strategic investments, the company said.
"Rapyd has built a borderless embedded fintech infrastructure critical to all digital businesses that operate globally. Their platform incorporates payments, compliance, FX, fraud management, escrow, virtual account and card issuing, and more. But now, as the world sees growing traction across global eCommerce, Gig Economy, Fintech Solutions and Technology platforms, Rapyd must take the next step. There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive," said Mike Lobanov, General Partner at Target Global. "Having led Rapyd's Series A in 2018, we are confident that Rapyd can be such a partner, and are now renewing our bet in this round."