Spurred by convenience and the pandemic, the rise of e-commerce, mobile technology and digital payments have integrated into everyone’s lives and businesses across the world, including the UK.
UK generates 25% in Europe
In data published by BuyShares, UK is the largest digital payment market in Europe, generating 25% of the region’s total digital transaction value (just over $164B), followed closely by Germany, France, and Italy.
With 81.8% of its citizens using online payments in 2019, the UK ranked as the country with the highest share of online payment users globally, as per Statista 2020 FinTech Report.
To capitalise on the opportunity, plenty of companies have emerged in the recent past. One such firm is Rapyd.
Rapyd’s $300M Series D
Based out of London, Rapyd is a payments platform that inserts fintech services into any app and simplifies the complex offering of local payment methods.
The company enables e-commerce merchants, gig platforms, challenger wallets, remittance platforms, and others to break free of their old infrastructure and limitations and create new mobile-friendly solutions.
Just yesterday, the UK FaaS (Fintech-as-a-Service) company secured $300 million (approx £215 million) funding in a Series E round led by Target Global. With this, the company’s valuation triggered to $8.75 billion.
Several new and existing investors including, Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds, Dragoneer, General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital, also participated.
The funding round comes after Rapyd acquires Valitor, European digital payments and issuing company, for $100 million (approx £72 million), and the launch of Rapyd Ventures, the company’s venture arm.
How will the funding be used?
The company plans to use the funding to make more strategic acquisitions to expand in key markets and grow payment products and experiences. Also, the company plans to scale its platform not just across geographies but also across verticals and solutions.
The post London’s FaaS Rapyd scores $300M at $8.75B valuation: What about competition? appeared first on UKTN (UK Tech News).
