Fintech Rapyd Expands APAC Footprint
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The fintech-as-a-service provider is expanding Greater China coverage and offering company incorporation, business accounts, credit cards, and payments services from a single platform.
Rapyd has acquired Hong Kong-based Neat, a cross-border trade enabling platform for SMBs and startups, the fintech said a statement on Wednesday.
Neat’s services, capabilities, and licenses will be integrated into Rapyd’s platform to enable a global trade solution optimized for SMBs, entrepreneurs, and growing young companies, according to a statement, which did not disclose the terms of the deal.
As SMBs need to go digital and globalize at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them,» Joel Yarbrough, managing director of Rapyd Ventures and vice president of Asia Pacific, said about the acquisition.
Rapyd bundles a range of digital payments-related services for businesses, including funds collection, funds payouts, currency transfers, ID verification and card issuing, and brings together over 900 payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital.
Questions & Answers
Q.What new services will Rapyd offer in Greater China following this expansion?
What new services will Rapyd offer in Greater China following this expansion?
Rapyd will now provide company incorporation, business accounts, credit cards, and payments services from a single platform within Greater China. These additions enhance their fintech-as-a-service offering in the region.
Q.Which company has Rapyd acquired as part of its expansion strategy?
Which company has Rapyd acquired as part of its expansion strategy?
Rapyd has acquired Neat, a Hong Kong-based cross-border trade enabling platform. Neat focuses on providing services to small and medium-sized businesses and startups.
Q.How will the acquired company's services be integrated into Rapyd's platform?
How will the acquired company's services be integrated into Rapyd's platform?
Neat's services, capabilities, and licenses will be integrated into Rapyd's platform to create a global trade solution. This solution is designed to be optimal for SMBs, entrepreneurs, and growing young companies.
Q.Who are some of the key investors that have backed Rapyd?
Who are some of the key investors that have backed Rapyd?
Rapyd's investors include prominent firms such as Stripe, General Catalyst, Oak HC/FT, and Coatue. Other notable backers are Tiger Global, Fidelity Management and Research Company, and BlackRock Funds.
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