London-based fintech startup Rapyd has raised a $300 million Series D led by Coatue.
The deal values Rapyd, founded in 2016 by Israeli and Russian entrepreneurs Arik Shtilman, Arkady Karpman, and Omer Priel, at $2.5 billion. "We initially had no interest in fundraising, we are very well funded and business was booming from the pandemic," Shtilman, Rapyd's CEO told Insider. "We had a number of investors come to us in September and they have a strong long-term view on the business."
Rapyd has now raised $460 million in funding. Shtilman said that the company's revenues grew approximately five-fold in 2020, helped by a new onboarding API product for smaller clients which coincided with the beginning of the coronavirus pandemic. Rapyd says it was able to quickly onboard many new businesses as a result.