$ 10 Billion Baby: Huge Fundraising Makes Rapyd a High-Value Startup in Israel
The Israeli fintech company Rapid does not stop for a moment, and completes another impressive mega-fundraising at a value of $ 10 billion. The company’s CEO says that he plans to acquire a number of Israeli companies, and that the company will recruit foreign workers from Dubai.
Move aside, Gong, there is a new queen in Israeli high-tech: At the beginning of the year, it started raising $ 300 million at a value of $ 2.5 billion, and now it is doing it again: the Israeli startup company Rapyd (Rapid) announces today (Tuesday) the completion A huge $ 300 million E fundraising round led by Target Global (which participated in previous fundraising rounds). As part of the round, new investors such as Fidelity, Altimeter, Whale Rock, BlackRock and Dragoneer joined, and existing investors in the company Spark, General Catalyst, Durable, Tal and Avid also participated. The company refused to comment on the value at which the round of funding was completed, but it is estimated that it stands at about $ 10 billion, making it the highest value startup in Israel, which has doubled in value in just over six months. In doing so, the company overtakes Gong, which was the startup with the highest value to date.
These have been quite intense two years for Rapyd (formerly CashDash): Towards the end of 2019, the company announced the completion of a $ 120 million round of funding, valued at about $ 1.2 billion. The days were days when the term unicorn was used much less frequently than last year, but Rapid really did not stop growing, doubling its actual value within a year with a double-D round of raising its size. Through this amount, Rapid acquired an Icelandic company called Valitor, and even launched its own investment arm.
Rapyd is developing a platform that enables electronic money transfer between countries through bank transfers, digital wallets, cash and other means of payment. This way the company can help replace the outdated systems used by credit card companies and banks, and offer a smarter system that allows for a greater variety of payment methods than just standard credit cards. It currently supports Rapyd‘s platform, which the company defines as Fintech-as-a-Service (or FaaS) in more than 100 countries with over 900 alternative payment methods, enabling real-time global transfers while saving on fees.