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March 13, 2022 10:24 am
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Rapyd Reaches $15 Billion Valuation, Becomes Israel’s Highest Valued Unicorn

avatar by Meir Orbach / CTech

A TMX Group board displays Toronto Stock Exchange information. Credit: Wikimedia Commons.

CTech – Israeli fintech company Rapyd has reached a valuation of $15 billion. Calcalist has learned that the company was valued at this figure in several secondary deals over recent months in which early investors sold shares. Rapyd’s investors include BlackRock, Fidelity, General Catalyst, Target Global and Spark Capital. These recent secondary deals make Rapyd Israel’s highest valued private tech company and highest valued fintech company.

Founded in 2015 as CashDash by Arkady Karpman, Arik Shtilman, and Omer Priel, Rapyd offers payment services enabling the transfer of electronic funds across borders through various means of payment, including bank transfers, digital wallets, and cash.

Rapyd raised $300 million at a $10 billion valuation in its Series E last August. The company has raised $960 million in total to date, $160 million of which in secondary deals. Rapyd completed a $400 million funding round at a valuation of $2.5 billion in January of 2021.

Rapyd’s growing valuation is a testament to the success of its recent strategy of acquisitions, mainly of companies in Europe and Asia. The company acquired Icelandic payments company Valitor in a deal valued at $100 million last July. Valitor supplies payments solutions for businesses across Europe, providing both in-store and online payments acceptance solutions as well as card issuing to SMB merchants in Iceland, the UK, Ireland, and across Europe. A year earlier, Rapyd purchased Iceland-based credit card payment processing company Kortathjonustan hf (Korta), while earlier this year it completed the acquisition of Hong Kong-based Neat, a cross-border trade enabling platform for SMBs and startups.

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Rapyd announced last June that it was launching Rapyd Ventures, its new venture arm that will focus on investing in early and growth-stage businesses developing financial services innovation. Rapyd employs 600 people globally, including 330 in Israel. It plans to recruit hundreds of new employees in the near future.

The fintech sector has experienced an unprecedented boom in Israel over recent years. Tipalti raised $270 million at an $8.3 billion valuation last December, while Fireblocks, which provides solutions for the blockchain and crypto sector, raised $310 million in a Series D at an $8 billion valuation three months ago.

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