Payments technology startup Rapyd has raised $100 million in venture-backed funding to tap into e-commerce businesses, gig economy platforms, and any digital business service that wants a “highly localized” customer experience.
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Per the website, Rapyd claims that if companies use its “fintech-as-a-service” layer atop platforms, it can bring them access to 4 billion customers.
When the London-based company last raised a $40 million Series B in February, the company claimed 2 billion users.
Part of the reason it claims it can unlock new customers, is that the London-based company’s technology accepts many different forms of payments. It supports 170 different currencies to “help check out like a local,” according to its website.
Beyond that, it taps into a diverse set of payment methods so regions where a percentage of consumers don’t use a credit card can still make transactions. Rapyd supports alternative methods like a local debit network or an e-Wallet. One example where this method helps is in the Philippines, which Rapyd claims has one of the lowest banked populations in the APAC market, but also a high e-commerce adoption rate.
For any business that wants to tap into the Philippines, it needs to learn how to accept cash and payment cards.
Beyond payments and check out, Rapyd works on services like fast integration and compliance.
While e-commerce businesses definitely could benefit from a faster payments process, Rapyd also thinks of its customers are mobile banks and online lenders. For example, on its website it states that it can provide “instant disbursements to give lender businesses a competitive advantage.” This helps makes sense of the fact that Stripe, a San Francisco online payments startup, is an investor.
Rapyd is currently in 170 countries, and with this new financing, it hopes to make its local vision go global.
Illustration: Li-Anne Dias