News Summary

Rapyd Financial Network, a global payments platform based in London, is in the process of raising $300 million in a new funding round. This move is set to value the company at $3.5 billion, a significant reduction from its previous valuation of approximately $9 billion in 2021. Rapyd plans to utilize the newly raised capital to acquire a payment processing startup, continuing its aggressive acquisition strategy. Noteworthy past acquisitions include Iceland-based payments startup Valitor for $100 million in 2022, and units from PayU for $610 million in 2023. The company has experienced challenges similar to other fintech firms, such as Stripe, which also faced reduced valuations in recent funding rounds. Rapyd’s backers include notable investors like Coatue, Oak HC/FT, Target Global, and Tiger Global Management.