Rapyd, a fintech as a service company, has announced on Tuesday the launch of its service in the United Kingdom, allowing both local and global businesses to access every major local payment method — such as cash, bank transfers, e-wallets, and cards — through one easy to integrate connection.
The London-headquartered platform is offering a “full-stack” solution that brings fragmented local payment solutions in a specific country into a single, integrated connection, meaning it allows businesses operating outside the UK to operate in the UK market from anywhere in the world, all through one platform.
“The idea behind our full-stack offering is simple: provide companies with the capability to accept every major local payment method without having to expend resources to build complex payments infrastructure needed to power fintech and commerce applications as digital payments accelerate,” Sarel Tal, vice president of Europe, Middle East and Africa (EMEA) at Rapyd, said.
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Rapyd has partnered with major payment gateways including Visa, Mastercard, Payzone, and ClearBank for offering its services.
It is primarily targeting fintech services, cross-border B2B companies, neo-banks, gig-economy platforms, and global retailers operating globally to tap into any specific global markets. According to the company, its services will save the companies costs and alignment with complex regulatory requirements.
Founded in 2016, the company is also well-funded and raised $170 million to date, per Crunchbase, and valued at nearly $1 billion. It is backed by major venture capitals and tech firms including Tiger Global, Coatue, General Catalyst, Stripe and Entrée Capital.
“With the launch of this platform, Rapyd is making operating in the UK market as simple and efficient as it can be for companies around the world,” said Martin Rouse, retail director at Payzone. “We are excited to work with Rapyd to provide local payment options for companies around the globe and help them grow their businesses and provide better payment options for UK consumers.”