According to Bloomberg, Rapyd Financial Network aims to raise $300 million in a new funding round valued the global payment platform at $3.5 billion.
The London-based company offers a variety of financial services, including payments, mobile wallets, remittances, card issuance and fraud protection that third parties can access via APIs.
Rapyd plans to use the funds to purchase payment processing launches. The company nine years ago had a succession of acquisitions, and recently added four companies in 2022 for $100 million, including Iceland-based payment startup Valitor. It also paid $610 million in 2023 for $610 million to a unit on the global payments platform Payu. .
In 2023, Rapyd CEO and co-founder Arik Shtilman told TechCrunch that the company is “in the final stage of closing its new $700 million funding round.” The company did not publicly report the funding round and unclear what assessment, if so, of which funds were secured.
That year, Rapyd’s competitor Payments Giant Stripe was forced to raise capital at a $50 billion valuation, falling from its peak price of $95 billion.
If Rapyd completes this salary increase with a low rating from the peak, it will have a lot of companies. In addition to stripes, many startups raise capital at a lower valuation than previous funding known as downrounds.
This is because the valuation was excessively high during the 2020 and 2021 VC funding frenzy. According to Pitchbook data, flat or down rounds reached their first nine months of 2024 for the first time in 10 years, accounting for 27% of all transactions.
The company’s backers include Coatue, Oak HC/Ft, Target Global, and Tiger Global Management. Rapyd did not immediately respond to requests for comment.