Rapyd

Israeli company, Rapyd, provides FinTech infrastructure for businesses to embed online payment mechanisms using application programming interfaces (APIs). It primarily caters to ecommerce platforms, labor and goods marketplaces, and lenders and financial services providers.

Rapyd launched “Virtual Accounts” in May 2022, which function similar to local banking accounts in enabling cross-border payments through local bank transfers. The Virtual Accounts do not have the typical transaction fees and operational costs of local bank accounts, and can be integrated with Rapyd’s other solutions (disbursement, payment acceptance, and wallets). At the time of launch, Virtual Accounts supported bank transfers from over 40 countries and 25 currencies.

Rapyd announced two major acquisitions in 2021, Neat , a Hong Kong-based cross-border trade enablement platform for SMBs (in December) and Icelandic omnichannel payment services provider Valitor (in July; for USD 100 million). The company subsequently acquired a part of PayU in August 2023 for USD 610 million; the deal is subject to regulatory clearance, and PayU will retain its operations in India, Turkey, and Southeast Asia, reportedly three primary regions for the business.

Post-acquisition, Rapyd had 41 licensed or regulated countries it operates from, which enhances its ability to offer card-acquiring solutions across Europe and Latin America. At the time time, Rapyd’s payment network supported over 1,200 payment methods supported by 18 settlement hubs

Key customers and partnerships

Rapyd noted that its customer base in August 2021, comprised around 12,000 small and medium-sized businesses and about 650 large enterprises including large multinationals such as Uber and Ikea.

Additionally the leading payment infrastructure provider, Stripe, is a key investor in Rapyd. In July 2022, Rapyd also partnered with Rakuten Viber, the operator of messaging and voice-based communication platform Viber, to offer in-app payment transactions to the Viber app.

Funding and financials

In Q4 2020, Rapyd reportedly generated USD 23 million in revenue, up 241% year-over-year (YoY). The company expected the total payment value handled by the platform to exceed USD 20 billion in 2021, incidentally around 4x the value handled in 2020.

The company raised multiple funding rounds in 2021, starting with a USD 300 million Series D funding round in January, followed by an undisclosed amount of funding in April, as well as a USD 300 million Series E round in August. The funds earmarked for product developments, expanding its international presence, recruitment, and exploring strategic acquisitions.

The company was valued at around USD 15 billion in March 2022 - during secondary dealings - from USD 2.5 billion in January 2021, reportedly making it the highest valued private tech company in Israel at the time.