This funding helps Rapyd achieve a valuation of $8.75B. Here are the top-line bullets you need to know.
Rapyd, a fintech company, has raised $300M in a Series E. The round drew participation from Target Global, Altimeter Capital, Whale Rock Capital Management, Latitude, and BlackRock, among others.
How’s the company performing?
- UK-based Rapyd offers a variety of financial services such as payments, mobile wallets, money transfers, card issuing, fraud protection, and more via an API that third parties can incorporate into their own businesses.
- Rapyd’s total payment volume is expected to surpass $20B this year, a 4-fold increase over the $5B it achieved in 2020.
- The company currently has more than 250 employees.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- Q2’21 was the largest funding quarter on record for fintech. Across 657 deals, global VC-backed fintech companies raised a record $30.8B, shattering last quarter’s funding record by 30%. This impressive funding growth was accompanied by a modest 2% deal growth quarter-over-quarter (QoQ) and a 29% increase year-over-year (YoY).