The UK-based payments startup Rapyd has raised a new funding round of $300 million that values it at $2.5 billion. The Series D round was led by the American investment firm Coatue Management, with participation from other new and existing investors including Spark Capital, Tiger Global, Durable Capital, FJ Labs, and Latitude.

With the new round, Rapyd’s $2.5 billion valuation doubled the $1.2 billion valuation that it got from a previous funding round. Now, the London-based payments startup has raised a total of over $400 million in venture funding.

Rapyd is a payments platform that enables enterprises and businesses to handle local and cross-border transactions easily. It bills itself as a “Fintech-as-a-Service” platform, one that brings together 900-plus payment methods in over 100 countries on one platform to help businesses handle online payments with ease.

With its new funding, Rapyd will work to expand its reach by doubling its engineering and product teams. The company says it’ll explore more strategic acquisitions globally after it successfully acquired the European payment card service provider Korta in 2020.

(Starting left) Rapyd co-founders Arik Shtilman (CEO), Arkady Karpman (VP R&D), and Omer Priel (VP Corporate Development).

It seems that fintech startups in the UK are headed for very good fortunes this year. Like Rapyd, another fintech startup based in the country, Checkout.com, recently closed a big funding round that vaulted its valuation from $450 million to $15 billion. Notably, Tiger Global which is the the investor that led that round also participated in this just-announced for Rapyd.

The list of all investors that chipped into Rapyd’s $300 million round is:

• Coatue Management
• Spark Capital
• Avid Ventures
• FJ Labs
• Latitude
• General Catalyst
• Oak FT
• Tiger Global
• Target Global
• Durable Capital
• Tal Capital
• Entrée Capital.

Photo credit: Rapyd

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