London-based digital wallet startup raised $40 million in Series B funding co-led by Stripe and General Catalyst. Target Global, Ignia and other payment and fintech investors, participated in the round. Rapyd plans to use the funds to grow its platform for local or cross-border e-commerce payments involving payments through bank transfers, e-wallets and cash.
Rapyd, a fintech-as-a-service platform for cross-border e-commerce and local payments for businesses and consumers, has raised $40 million in Series B funding led by General Catalyst and Stripe, according to a blogpost and press release. "As global commerce continues to grow, the market opportunity for online merchants, the gig economy, online lenders and banks looking to provide access to funds instantly, is constrained due to the challenges of accepting and making local payment methods and cash transactions," Arik Shtilman, co-founder and CEO of Rapyd, said in the release.