London-based Rapyd, a global Fintech-as-a-service provider platform has announced snagging $20 million additional funding from Durable Capital Partners. The current round of financing sees the firm enter the unicorn club.
Before this round, the firm had announced $100 million in Series C financing which had come from Oak HC/FT and Tiger Global. The current infusion takes the total amount raised by the firm to $180 million. Coatue Management, General Catalyst, Entrée Capital, Target Global, Stripe, IGNIA and others are few of the names that have infused money in the firm. Founded in 2016 by Arik Shtilman, Rapyd allows customers various services like payments, checkout, funds collection, fund disbursements, compliance as a service, foreign exchange, card issuing.
Shtilman, the CEO of the platform commenting on the funding said, “We are thrilled that Durable Capital Partners LP under the leadership of Henry Ellenbogen is making its first investment in Rapyd. This is further validation that our market approach has all the elements of success needed to scale a global technology company.”
Henry Ellenbogen, the founder of Durable Capital Partners LP said that " his company has the vision to identify and invest in promising early-stage growth companies and invest in teams that have bold ideas but can also execute at a world-class level and build much larger companies. I believe the Fintech-as-a-Service category has tremendous potential as companies seek to embed financial services as an integral part of the next generation technology stack. I believe Rapyd is very well positioned to drive this trend and I believe Arik's track record in scaling cloud-based businesses will deliver success in this sector."
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