Rapyd
Also a provider — view Rapyd’s profile →“Can a single API-first platform own end-to-end global commerce — acquiring, payouts, wallets, cards, and stablecoins — across every regulated jurisdiction at once?”
Founded2015
HQLondon, United Kingdom
Total raised$770M+
Latest roundSeries F (reported 2025, ~$300M target)
Valuation$3.5B (2025, down from $8.75B in 2021)
IndustryInfrastructure / Payments
The story
Founded 2015 as CashDash, a consumer cash-exchange product, then pivoted to a fintech-as-a-service API platform giving non-financial businesses global payments, payouts, card issuing, and wallets. Aggressively expanded via M&A (Valitor, PayU GPO units) to own card acquiring rails rather than only orchestrating them. Valuation reset from $9B to $3.5B in 2025 reflects the broader BaaS/embedded-finance downcycle, but Rapyd is now uniquely vertically integrated — licensed EMI in EEA/UK, MPI in Singapore — combining direct acquiring with a global payouts network.
Last 12 months
Product timeline
2015
Founded as CashDash; later rebranded Rapyd.· pivot
2021
Raised $300M Series E at $8.75B valuation; fintech-as-a-service unicorn.· funding
2022
Acquired Valitor (Iceland) for ~$100M for card acquiring.· acquisition
2023
Acquired PayU GPO units for $610M, expanding cross-border payments.· acquisition
2025
Reported $300M raise at $3.5B valuation (down from $9B).· funding
Acquisitions
PayU GPO2025
Completed its $610M acquisition of Prosus-owned PayU's Global Payment Organisation, expanding card acquiring across LatAm and Africa.
Valitor2022
Acquired Icelandic payments/card-acquiring company Valitor from Arion Bank for ~$110M.
Neat2021
Completed its acquisition of Hong Kong-based Neat, adding business-account and cross-border trade capabilities for SMBs.
Regulated entities
7
regulatory licences held by Rapyd
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
11 layers disclosed in Rapyd’s embedded-finance stack
Payments / PSP
Rapyd Collect (self-operated)Rapyd Disburse (self-operated)Rapyd Issuing (self-operated)Rapyd Wallet (self-operated)Rapyd Virtual Accounts (self-operated)Valitor (in-house, acquired)PayU GPO units (in-house, acquired)
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: significant
22 more providers across 10 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.