Rapyd, an Israeli global payments and fintech company, is set to purchase Icelandic company Valitor for $100 million. Valitor is a payments solutions company.
Rapyd describes its service as the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. Rapyd promises that businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is a unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Tiger Global, Durable Capital, Target Global, and Tal Capital.
Founded in 1983, Valitor is an international payment solutions company which states that it is dedicated to “helping merchants, partners and consumers make buying and selling easy.”
Fintech is anything new having to do with using technology to improve the transfers of money, or payments. This includes just about everything like every time a person pays for something on line. And, of course, fintech also includes any and all digital banking transactions, such as small loans and lines of credit.
Fintech is in demand these days, as evidenced by the recent successful fundraising rounds held by fintech startups. Israeli startup Sorbet set a record last month for the largest seed round investment ever made for an Israeli fintech startup. The company, which helps people do things like convert unused Paid Time Off into cash brought in $21 million in funding on June 23.
The following day, Israeli fintech startup Lendbuzz, which offers an AI based auto finance platform for people seeking a line of credit, completed a $60 million Series C funding round. And there is Unit, an Israeli fintech startup which offers a banking as a service platform. The company raised $51 million in a Series B round of funding led by Accel at the end of June.
The #acquisition size is $100 million and subject to regulatory approval.
— Rapyd (@RapydPayments) July 1, 2021
“Businesses are looking beyond their borders to scale up and expand their customer base, and they need the right payment providers that can make it happen quickly. With the acquisition of Valitor, customers across Europe will now have access to a greater and more diverse set of payment offerings, ensuring that more companies can take advantage of any opportunity they wish to pursue,” said Arik Shtilman, Rapyd co-founder and CEO. “Iceland has long distinguished itself as a cashless nation and an innovation hub, with extraordinary levels of talent and a developed payments ecosystem. We plan to continue to grow and invest in Iceland, making it our European Hub, and will support local merchants while increasing our reach across Europe so that we can provide payment solutions to any business committed to pursuing global success.”