Rapyd launches Venture Arm to boost fintech innovation globally
The Israeli startup will focus on investing in early and growth-stage businesses developing digital commerce and payment solutions
Five months after raising $400 million at a valuation of $2.5 billion, Israeli fintech startup Rapyd announced on Thursday that it is launching Rapyd Ventures, its new venture arm that will focus on investing in early and growth-stage businesses developing financial services innovation. Rapyd Ventures will be led by Joel Yarbrough, MD of Rapyd Ventures and Rapyd's VP of Asia Pacific.Rapyd Ventures said it will largely work with startups after their Seed round and through Series B funding that have "unique market and customer insights and are expanding on existing market traction." In addition to capital, Rapyd Ventures said it will provide access to its extensive Fintech-as-a-Service capabilities and network of partners, offering startups strategic advice and giving them opportunities to accelerate their growth.
"The innovations that we are seeing in the payments industry are not evenly distributed. We believe we have a mission and responsibility to support companies building both the infrastructure for next-generation financial services, as well as innovators building on top of these new capabilities around the world, and to accelerate their development," said Arik Shtilman, CEO and co-founder of Rapyd. "Joel's intimate understanding of the global Tech industry and his vast insight and experience in payment technology makes him the ideal person to lead our new venture arm. He knows where the industry is headed and how to build the technology necessary to get there. Just as he has pushed Rapyd forward, we are confident he can do the same for others in this space and the entire digital commerce ecosystem."Founded in 2015 as CashDash by Arkady Karpman, Arik Shtilman, and Omer Priel, Rapyd offers payment services enabling the transfer of electronic funds across borders through various means of payment, including bank transfers, digital wallets, and cash. Rapyd's platform supports 65 currencies in more than 170 countries and enables global transfers in real-time. Its valuation has significantly increased over the past couple of years, with the company being valued at around $1 billion when it raised funds in October 2019 and at just $300 million in the beginning of 2019.