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Rapyd, a London-based company developing an all-in-one payments platform, today announced that it’s raised $100 million in financing at a valuation approaching $1 billion, bringing the firm’s total venture capital haul to over $150 million. Oak HC/FT led this latest raise, which followed only months after a $40 million series B raise and saw participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.

CEO Arik Shtilman said the capital infusion will accelerate the buildout of Rapyd’s network and its cloud-based financial services tools. He added that already, the local and cross-border businesses that rely on Rapyd’s local payment processing reach more than four billion consumers.

“Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure,” said Shtilman, who cofounded Rapyd in 2016. “The expectation today is that this must happen around the world in order to drive growth into new markets. As more than half of all transactions worldwide are facilitated via bank transfers and cash, merchants find it increasingly difficult to digitally enable local payment methods and process cross-border sales that are required for international expansion.”

For the uninitiated, Rapyd’s fintech-as-a-service suite provides a number of web and mobile capabilities to customers globally, including the ability to the ability to accept cash, bank transfers, e-wallets, local debit cards, and over other 500 alternative payment methods in more than 100 countries (and soon 150). And it supports disbursements in over 170 countries and multicurrency settlement to a single file across 65 currencies, in addition to real-time foreign exchange, ID verification via document scanning, and anti-money laundering and counter financing terrorism (AML/CFT) services.

Rapyd offers an API and software development kit that integrates with existing apps, complete with responsive designs for merchant checkout flows. Said checkout solution can stand alone or coexist with gateways and local payment systems, while its white-label wallet platform ships with features targeting retail shops and rewards programs.

Rapyd competes with a number of well-established companies in a financial tech sector estimated at $147.37 billion as of year-end 2018, including Ayden, PayPal, and Stripe. But while it isn’t disclosing its customers just yet, Rapyd says it counts 50 businesses among its client base in segments like ecommerce and on-demand gig marketplaces. It furthermore expects revenues will hit the “tens of millions” this year, driven by the fees it levies on payments and multicurrency transactions (3.5% plus 30 cents for funds in and $1.50 plus 1% for exchanges).

“We are excited to become investors in Rapyd and believe the Company is enabling global internet companies to improve their ability to accept local payments in emerging markets,” said Tiger Global Management partner Scott Shleifer in a statement. “We are impressed with Arik and his team and the differentiated platform Rapyd has built.”

Oak HC/FT cofounder and managing partner Tricia Kemp added, “As financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential. We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”

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