#EmbeddedFinance / Rapyd raises $300M on a $2.5B valuation to boost its fintech-as-a-service API

Rapyd, which provides an API-based “fintech-as-a-service” platform covering payments, banking services, fraud protection and more, has raised $300 million, funding that … will be used to expand its team, build out more technology… and make selected acquisitions.

Rapyd’s customer base now numbers about 5,000 businesses, which includes marketplaces (labor marketplaces and marketplaces for goods), e-commerce businesses, other kinds of lenders and any business that might want to incorporate transactions or new financial services into their wider offerings. Shtilman said that at the moment, Rapyd is seeing its strongest growth yet, onboarding about 500 new customers each week.

… Meanwhile, APIs have long been a great instrument for integration and connection: Using a few lines of code – and presuming your own services are built on code too – you can knit together services, and bring in commoditized functionality that would take ages to build from the ground up, cutting down the effort and work needed, to focus on making your core business more unique.