FinTech Rapyd speeds up international B2B payments

Rapyd is an Israeli FinTech based in London that has developed an API to integrate financial services into all types of applications. Boosted by the pandemic, it has chosen to further develop its business by offering a payment solution to facilitate cross-border trade for companies seeking to expand internationally.

FACTS

• Rapyd has announced the launch of its new virtual account service. The aim of the service is simple: to help businesses expand internationally by becoming able to handle local payments in the form of wire transfers.

• Acting as local bank accounts, and therefore free from additional transaction fees and operational costs, virtual accounts make international payments simpler and less expensive.

• The solution makes international payments interoperable across more than 40 countries, in over 25 different currencies.

• The European (and UK), US and Asia-Pacific regions are particularly concerned.

• Using Rapyd's unique API, virtual accounts can be used with Rapyd Collect, Rapyd Disburse and Rapyd Wallet to enable enhanced acceptance and distribution of local and cross-border payments.

ISSUES

• Responding to a topical issue: According to a survey conducted by Rapyd, 93% of businesses say that expanding into cross-border markets is a priority for their organisation in 2022. However, this ambition is hampered by the fact that one in four companies say that supporting local payment methods remains an operational challenge.

MARKET PERSPECTIVE

• Rapyd has been in business since 2015, but has recently reached a valuation of $2.5bn as a result of the pandemic and the rise of online payments, but also thanks to major investments raised from BlackRock, Fidelity or Target Global and Spark Capital. Rapyd is counting in particular on a strong acquisition strategy, of companies established in Europe and Asia, to develop.

• Rapyd also counts payment specialist Stripe among its backers.