Schroder British Opportunities backs Rapyd – Schroder British Opportunities Trust has made an investment into Rapyd, a leading global ‘Fintech-as-a-Service’ company with significant UK operations. SBO’s investment forms part of Rapyd’s $300m Series D financing round, which was led by Coatue and which marks the company’s third private equity investment. SBO invested via its co-investment partner for this deal, Target Global, a pan-European growth & venture focused firm and an early stage investor of Rapyd. Other new and existing investors in this round include Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global, Durable Capital, Tal Capital, and Entrée Capital.
The announcement says that Rapyd offers one of the fastest ways to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. Rapyd’s payments network and platform allow businesses and consumers to engage in local and cross-border transactions in any market. The Rapyd platform brings together 900-plus payment methods in over 100 countries.
Rapyd’s platform is said to embed fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use API while managing diverse compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure. The Rapyd Global Payments Network supports hundreds of local payment methods including cards, bank transfers, e-wallets and cash.
COVID-19 has accelerated the take up of digital payments. The statement quotes McKinsey reporting that five years of change has been compressed into less than one year.
The money that Rapyd has raised will be used to double the size of its engineering and product teams, as well as expanding the “Self-Service” element of Rapyd’s platform, which allows businesses to onboard and begin using any of Rapyd’s financial capabilities in the shortest possible time frame. Rapyd will continue its focus on core markets that serve B2C and B2B ecommerce payments, marketplace, and financial services businesses.
SBO : Schroder British Opportunities backs Rapyd