Henry Ellenbogen’s Durable Capital Partners LP Recognizes Rising Demand in Global Markets for Integrated Fintech Solutions
Rapyd, a global Fintech-as-a-service provider announced that Durable Capital Partners LP, has made its first investment in Rapyd. This follow-on investment brings the total funding Rapyd has raised to-date to approximately $180 million, including the company’s initial series A round, previously announced Series B round of $40 million led by General Catalyst and Stripe, and Series C round of $100 million which was led by Oak HC/FT and Tiger Global.
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Rapyd’s unified cloud-based technology platform helps businesses quickly integrate Fintech and payment capabilities into any commerce application. E-commerce merchants, gig economy platforms, financial institutions, and technology providers are all looking to enable highly localized customer experiences, a challenge Rapyd solves by delivering the full stack of fintech services through a single API. More than four billion consumers seek to pay and be paid through preferred local payment methods like cash, e-wallets, bank transfers, and local debit cards. Through the Rapyd Global Payments Network businesses can now easily expand across local and cross-border markets instead of spending resources on building complex payments infrastructure.
Durable Capital Partners LP seeks to identify and invest in early stage growth companies in high growth technology sectors.
Arik Shtilman, CEO of Rapyd, commented, “We are thrilled that Durable Capital Partners LP under the leadership of Henry Ellenbogen is making its first investment in Rapyd. This is further validation that our market approach has all the elements of success needed to scale a global technology company.”
Henry Ellenbogen noted, “Durable Capital Partners LP has a vision to identify and invest in promising early stage growth companies and invest in teams that have bold ideas but can also execute at a world-class level and build much larger companies. I believe the Fintech-as-a-Service category has tremendous potential as companies seek to embed financial services as an integral part of the next generation technology stack. I believe Rapyd is very well positioned to drive this trend and I believe Arik’s track record in scaling cloud-based businesses will deliver success in this sector.”
