London, 4 August 2021 – Fintech-as-a-service is seeing meteoric growth as the concept of “finance anywhere” goes mainstream. The proposition of fintechs offering their APIs to other players in the financial markets as software to be integrated into their systems, allows third parties to easily integrate financial services into their offering.
Rapyd, the fintech start-up riding on the Faas boom, has raised $300 million, a Series E that TechCrunch understands from reliable sources values the company at $8.75 billion. The company provides financial services like payments, mobile wallets, money transfers, card issuing, fraud protection and more through its API. The upstart has seen massive growth in the past year, primarily catalysed by the COVID-19 pandemic’s push to turn businesses into online formats.
The company has a portfolio of 12,000 small and medium-sized businesses using its services, with another 650 large enterprise clients.
The mega funding round was led by, Target Global , who has been making so big bets in the Fintech arena, along with new backers Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock and Dragoneer, and previous backers General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures and Spark Capital also participating.
Rapyd’s CEO and co-founder, Arik Shtilman, says the funds raising will be used partly for acquisitions, and partly for R&D.
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