Payments start-up Rapyd doubles valuation to $2.5 billion as Covid turbocharges growth
Summary
The companys technology lets firms integrate a range of payment methods into their apps, including money collection, bank transfers, digital wallets and card issuing. Rapyds latest funding round, a Series D, was led by tech-focused investment manager Coatue, which has previously backed food delivery firm DoorDash and TikTok owner ByteDance. With an extra $300 million in the bank, the company says its on the hunt for fresh acquisitions to help it expand in a number of key markets like Brazil and countries in the Asia-Pacific region. 2019 was a year that saw several major deals, including Fiservs takeover of First Data, FIS acquisition of Worldpay and Global Payments merger with Total System Services. Visa terminated its acquisition of Plaid, a start-up that lets fintech apps connect to users bank accounts, after the U.S. Justice Department sued to block the transaction on antitrust grounds.