US-based investment advisor Durable Capital Partners has made its first investment in London-based fintech-as-a-service provider Rapyd.
With the latest investment from Durable Capital Partners, the UK fintech has raised approximately $180m so far.
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The total investment includes the Series A round, Series B round of $40m led by General Catalyst and Stripe, as well as Series C round of $100m led by Oak HC/FT and Tiger Global.
The unified cloud-based technology platform from Rapyd helps businesses integrate fintech and payment capabilities into commerce applications.
Rapyd delivers fintech services through a single API to e-commerce merchants, financial institutions, gig economy platforms and technology providers to enable localised customer experiences.
Durable Capital Partners invests in early-stage tech companies
According to Durable Capital Partners, over four billion consumers seek payments through methods such as cash, e-wallets, bank transfers and debit cards.
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By GlobalDataNow, businesses can use the Rapyd Global Payments Network to expand across local and cross-border markets instead of building complex payments infrastructure.
Durable Capital Partners founder Henry Ellenbogen said: “Durable Capital Partners LP has a 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.”
Rapyd Fintech-as-a-Service platforms include Collect, Disburse, Wallet and Issuing, which are used by e-commerce, technology firms and marketplaces.
Rapyd CEO Arik Shtilman 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.”
