Collaboration will leverage key capabilities from both
organizations to help companies pursue local and
cross-border growth opportunities
BERLIN and SAN FRANCISCO, Feb. 18,
2020 /PRNewswire/ -- Rapyd, a global B2B Fintech as a
Service provider, today announced a new agreement with Visa
(NYSE:V) that will help Rapyd expand its worldwide business
operations. Rapyd will collaborate with Visa to offer fintech and
payment services where both firms see opportunities to help
businesses expand their core offerings with more expansive local
and cross-border market solutions. Additionally, Rapyd will
join Visa's Fintech Fast Track programs as an enablement partner to
drive its speed to market for Fintechs through a variety of Visa
payment solutions. Rapyd has become a Visa issuer in the UK and
plans to expand its issuing and acquiring footprint in other key
regions over time.
Rapyd's unified cloud-based platform helps businesses quickly
integrate Fintech and payment capabilities into any commerce
application. eCommerce merchants, gig economy platforms, financial
institutions, and technology providers are all looking to enable
highly localized customer experiences around the world, a challenge
Rapyd solves by delivering the full stack of fintech services
through a single integration.
For instance, as part of this new relationship with Visa, Rapyd
can instantly issue a virtual Visa card that can be utilized by a
gig-economy worker in Latin
America to purchase goods on behalf of the platform, or
disburse funds to a worker on a Visa card in Asia-Pacific, all from a single integration on
the Rapyd platform.
Sarel Tal, Vice President,
Europe, Middle East and Africa (EMEA) at Rapyd noted, "As businesses
look for global expansion opportunities they must contend with the
complexity of integrating local and cross-border payment
capabilities, including collections, disbursements, and card-based
solutions. Now Rapyd can leverage Visa's offerings -- Visa Direct
for real-time funds transfers, Visa Token Services for secure
digital payments, and Visa's issuance capabilities – to
enhance Rapyd's core issuing and acquiring services, unlocking
simple, relevant payment experiences for these businesses
globally."
Visa and Rapyd are particularly excited to work together in key
European markets, which are poised for cross-border ecommerce
growth. In 2018 cross-border ecommerce revenues reached € 137
billion in Europe, a 22.8% share
of total online sales (EU16)1. Additionally, European
cross-border marketplaces are set to grow by more than 50 percent
increasing the need for innovative payment acceptance methods for
customers and disbursement solutions for marketplace
sellers2.
"Rapyd's platform helps fintechs, merchants and marketplaces
stand up payment-related services quickly and easily across
multiple markets," said Matt
Dill, global head of strategic partnerships and venture,
Visa. "We're excited about our collaboration with Rapyd, and the
many benefits we can provide to our mutual partners worldwide."
About Rapyd
Rapyd helps businesses create great local
commerce experiences anywhere. The world's most innovative
ecommerce, technology firms, and marketplaces utilize our Fintech
as a Service platforms – Collect, Disburse, Wallet and Issuing – to
seamlessly integrate Fintech and payment capabilities into their
applications. By accessing the Rapyd Global Payments Network,
businesses can access over 900 locally preferred payment methods
including bank transfers, ewallets and cash in more than 100
countries. Now ecommerce, technology firms, and marketplaces can
focus on growing new markets and reaching billions of consumers
rather than building infrastructure. Investors include Oak HC/FT,
Tiger Global, General Catalyst, Stripe, Durable Capital, Coatue,
Target Global, IGNIA, and others. For more information, visit
http://www.rapyd.net
1 https://www.paymentscardsandmobile.com/eu-cross-border-e-commerce-market-hits-137-billion/
2 https://ecommercenews.eu/top-20-of-cross-border-marketplaces-from-europe/