Rapyd seeks $300 million at $3.5 billion valuation, down 65% from peak
Rapyd seeks $300 million at $3.5 billion valuation, down 65% from peak
The Israeli fintech unicorn plans to use part of the funds for a payments sector acquisition.
Israeli fintech unicorn Rapyd is in talks to raise $300 million at a valuation of $3.5 billion, according to a Bloomberg report. This valuation is about 65% lower than the $10 billion at which the company raised funds in 2021.
According to Bloomberg, the company, which provides an international payments platform for businesses and consumers, plans to use some of the funds to acquire a startup in the payments sector. Rapyd acquired PayU Global Payment Organisation (GPO) from Netherlands-based investment company Prosus for $610 million in August 2023.
Rapyd was founded in 2015 by Arkady Karpman, Arik Shtilman, and Omer Priel. The company provides a global payment platform for businesses and consumers, facilitating bank transfers, digital wallet payments, and cash transactions. In 2022, during the technology sector's boom, Rapyd achieved a valuation of approximately $15 billion in a secondary deal, making it Israel's highest-valued private tech company.
In December, Calcalist revealed that Rapyd submitted an application to the Israel Securities Authority for an expanded clearing license. If approved, the company plans to issue credit cards, directly competing with established players like Isracard and Max.
Rapyd declined Bloomberg’s request for comment on the report.
