Rapyd Global Payment Network Gets A $100M Injection From Stripe, Oak HC/FT, Tiger Global, and More
A new fintech company called Rapyd has recently raised $100 million USD during its latest funding round, which was led by Oak HC/FT. According to the press release, companies such as payment processor Stripe, Entrée Capital, General Catalyst, Tiger Global and Target Global also invested in the blockchain solution.
Rapyd has set out to use the money that was raised during the funding round to create a cloud-based solution that would let companies integrate payment services with e-commerce apps.
Some of the money is also going to be used to fund the company’s Rapyd Global Payment Network, which is the firm’s own platform. This network will connect businesses with over four billion customers, the company affirmed. The co-founder of Rapyd, Arik Shtilman, affirmed that global commerce is reaching a new point now.
This means that businesses need to launch more apps that will help them to accept different kinds of payments, manage their risks better and offer a much more localized experience for the user.
General Catalyst, one of the investors of this round, recently invested in another payment processor, Stripe (which also invested in Rapyd). During this round, the company was able to raise $250 million USD.
This shows how payment services are becoming more important these days. Several large venture capital companies are focusing on this industry, as innovative products are appearing quickly and changing the landscape of the market.