Israeli digital payment services provider Rapyd has recently received US$100 million in a Series C funding round, following its US$40 million Series B funding round held in February 2019.
The Series B and C funding rounds saw the participation of investors like General Catalyst and Tiger Global, while the recent round was also joined by Oak HC/FT, Coatue, and Entrée Capital.
Though a company spokesperson revealed that Rapyd is nearing “unicorn territory,” it did not provide a specific valuation. Back in February, however, the firm was valued at US$300 million.
Rapyd provides a global fintech-as-a-service platform, accepting cash, bank transfers, e-wallets, and local debit card payments in more than 100 countries. However, its services do not extend to cryptocurrency.
According to a company statement, Arik Shtilman, Co-founder and CEO of Rapyd, disclosed that digital payments are a requirement for any company interacting with international customers.
According to a report by CoinDesk, a company spokesperson has stated that each country faces its own challenges with digital payments.
“This is a major challenge for global expansion, as local consumers around the world are unable to transact with foreign retailers, and businesses can’t pay employees in key local markets,” said the spokesperson.
“Consider that Brazil has certain payment methods that work only within the country, and not beyond its borders. In India, consumers still use cash as the primary method of payment due to a lack of trust that goods or services will be delivered.”
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