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Digital payments are on the rise across the globe. In spite of the thousand other modes of payments available, cash remains the most widely used mode of payment. Overseeing these challenges, The Rapyd Global Payments Network- a London based FinTech startup, found in 2015 is a cloud-based global service platform; it provides all the capabilities that the organizations need on a single platter.
It enables the transfer of funds electronically across borders and the companies can connect to this platform and build applications on top of them that could be accessed globally. In addition, it includes services like credit card issuing and fraud detection.
Yesterday, Rapyd announced their acquisition of Korta, an Iceland based startup found in 2002 which provides card payment services.
Rapyd was well aware of the fact that customers would need a multichannel approach to sales and easier ways to scale their online businesses.
Arik Shtilman, CEO and co-founder of Rapyd said that in order to expand their FinTech service platform they have to acquire the ability to process debit card and credit card payments without requiring any third-party services so that they can provide the users a unified and collective solution with a flawless API.
Korta offers cross-border payments across Europe. It allows customers to execute payment for goods or services and other online transactions. All the online transactions can be done through MasterCard or Visa.
Moreover, Korta has annual revenues of $40 million and $2.5 billion in payments for Visa and MasterCard transactions. This will be a game changing decision for Rapyd, as their customers will be experiencing a much better service than the current ability that serves over 900 local payment methods in more than 100 countries.
COVID-19 a Boon for Rapyd
According to Shtilman, they were only able to acquire this deal due to the coronavirus lockdown. This deal was sealed in a zoom meeting. Due to the pandemic, many companies suffered a heavy loss and Rapyd was privileged enough to face this pandemic after completing a $100 million round announced in October. Rapyd might also claim more acquisitions after the crisis is over.