Rapyd is a leading UK based payments platform that specializes in providing Fintech-as-a-Service (FaaS) to global enterprises. With its range of fintech applications, Rapyd helps organizations to focus on their core business instead of going through the usual hassles of building infrastructure for financial transactions. With Rapyd, businesses can access a range of benefits such as process payments in local currency, integrate wallet functionality, issue cards, manage KYC and meet the needs of regulatory compliance.
One of the notable aspects about Rapyd is that their FaaS modules can be integrated with any application. This allows businesses to boost their ecommerce, payments and financial services capabilities in an easy and efficient manner. Rapyd has been majorly beneficial for startups and SMEs by providing them with financial capabilities that are at par with that of large enterprises.
Rapyd started its journey in 2016 as a mobile payments processing company. When they were building an e-wallet product, they realized that it involved significant complexities. Several different systems including legacy systems and services had to be integrated, which resulted in huge challenges. Furthermore, there was also the need to manage licensing and regulatory requirements.
Faced with such huge complexities, the founders decided to build a unified tech stack. The idea was to enable businesses to consolidate all their payments, money movement services and financial management via a single, scalable API that can work at the global level. Rapyd’s existing FaaS module is capable of processing payments and collections across more than hundred countries.
With immense growth potential, investors have been queuing to invest in Rapyd. The company has received investments worth USD 470 million. It is currently valued at USD 2.5 billion. Some of the top investors include Oak HC/FT, Tiger Global, General Catalyst, Stripe, Coatue Management, Entree Capital, Target Global, Ignia and Tal Capital.
Rapyd had acquired Korta in April 2020. Korta was a payment service provider based out of Iceland. The acquisition helped Rapyd to strengthen its hosted fintech services by leveraging Korta’s omnichannel card acquiring ecosystem.
Rapyd competes with other fintech firms such as Mambu, Thought Machine, Temenos, Stripe, PayPal, Wepay and Klarna.
About the founders:
Rapyd was founded by Arik Shtilman, Omer Priel and Arkady Karpman. Arik currently serves as the CEO of the company. Prior to launching Rapyd, he had worked at companies such as Vigilance Networks, Mixerr, IBM Israel, and Itnavigator. Co-founder Omer Priel currently serves as Vice President – Corporate Development. He had earlier worked at Itnavigator and Lavie Timetech. Co-founded Arkady Karpman is the Vice President of R&D at Rapyd. He had earlier worked with companies such as Avaya, Itnavigator, and Ectel.