1. Fintech unicorn Stripe participated in a $40 million financing round for payments service company Rapyd.
  2. Rapyd aims to use the new cash to build what it calls "the world's largest local payments network." It's a critical component of its ambition to become the Amazon Web Services of the fintech world.



One of the hottest payment startups of Silicon Valley valued at $ 20 billion is supporting the stripe, another payment company.

Rapid, who provides a mobile-first financial network, said that on Wednesday, Stripe and Venture firm had raised $ 40 million in series B rounds led by General Catalyst.

California-based company Mountain View integrates various services into ID verification from bank transfer to digital wallet through an API. It has also created links with local payment providers to enable payment collection in a country and cross-border transactions.
Raptech is aiming to create a cloud service to pay for the Amazon web services, merchants, businessmen, gig economy workers and companies, other finitech firms and even the banks of the world, said Rapid Cauffhunder and CEO Non-Resident Shiltman. The company is collecting payment providers, who called it "the world's largest local payment network".



Rapid has not been designed to compete against stripe, shuttleman said. Rather, it serves 2.3 billion people who do not use credit cards in their daily lives but pay by alternative payment methods, including cash payments, bank transfers, and mobile transfers.
With the new cash, Rapid plans to increase its headcount to 150 people and extend its local payment network by the end of this year, Schmidt said. Right now, the company offers platform payout services which are spread over more than 170 countries, and in more than 65 currencies.

Shtilman did not disclose the current financials of Rapid but said that by the end of 2017 revenue would generate several million dollars of revenues.

The company raised the first $ 20 million

 Source : Business Insider