The company Rapyd allows the businesses to grasp the digital payments by the means of a single API and a substantial amount has been raised in the funding to satisfy the demand. The digital payment of market is predicted for balloon to nearly $3 trillion by the year of 2023 and now a startup which lets the implements of the businesses not only in just payments, but also the other related services which go along with them.
Rapyd is a London-based startup company that bills itself as the provider of “fintech as a service”. Now it has picked up around $100 million money which will be used to expand Rapyd’s platform. All of the services now will allow the customers to use the API to enable the checkouts, collecting the funds, compliance, foreign exchange, integration and card issuing. In addition, it also allows to make addition and to expand the team. It has brought the total increment to $160 million and now we can understand that it will soon come close to $1 billion.
The Rapyd doesn’t ride a wave of stronger growth, but charmingly this is the 2nd round of funding of this year. Arik Shtilman, the co-founder and CEO of Rapyd raised $40 million in this February and now he says that the total payments volume on this platform has increased over 5 times in this year and in the following year, it is predicted that the revenue can be triple in comparison to 2019.
Rapyd hasn’t disclosed their present revenue numbers, it only counts the companies like Uber and other gigantic marketplaces among the customers. Rapyd has identified the challenge and is tackling the fragmentation which exists in global payments in the market. Each of the regions has their own payment method and there are now a lot of regulatory compliance which needs to be followed. According to the co-founder and the managing partner of Oak HC/FT named Tricia Kemp, the financial services are becoming more global and digitized and the “fintech as a service” of Rapyd has grown at a tremendous potential and they are so glad to back and be a partner of the Rapyd team.