Israeli fintech company Rapyd announced on Thursday that it is acquiring Icelandic payments company Valitor in a deal valued at $100 million.
Valitor supplies payments solutions for businesses across Europe, providing both in-store and online payments acceptance solutions as well as card issuing to SMB merchants in Iceland, the U.K. and Ireland, and across Europe. Rapyd said it is actively seeking companies to acquire following its $400 million funding round at a $2.5 billion valuation in January of this year. Rapyd is targeting payments companies in order to enhance its capabilities by connecting them to the Rapyd Global Payments Network.
“Businesses are looking beyond their borders to scale up and expand their customer base, and they need the right payment providers that can make it happen quickly," said Arik Shtilman, Rapyd co-founder and CEO. "With the acquisition of Valitor, customers across Europe will now have access to a greater and more diverse set of payment offerings, ensuring that more companies can take advantage of any opportunity they wish to pursue.”
Rapyd acquired Iceland-based credit card payment processing company Kortathjonustan hf (Korta) in April of last year.
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 last raised funds in October 2019 and at just $300 million in the beginning of 2019.
Its Series D in January was led by Coatue, which has invested in several Israeli companies recently including Gong and Cato Networks, with several new investors participating in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital. Rapyd had previously raised $260 million.