Connect with us

zephyrnet

Rapyd, which offers fintech-as-a-service via a single API, adds $20M more to its coffers at a $1.2B valuation

Avatar

Published

on

One of the biggest trends in the world of financial technology has been an ongoing push towards consolidation, where larger fish are snapping up smaller fish (including a proliferation of interesting startups) to get improved economies of scale in a business model where every transaction brings incremental returns. But today, a startup that has built the concept of consolidation into its basic DNA has raised another round of funding to continue doubling down on its business.

Rapyd — a London-based startup that has built an API that lets customers tap into a range of financial services spanning payments, checkout, funds collection, fund disbursements, compliance as a service, foreign exchange, card issuing and soon logistics across a wide range of geographies — has picked up an additional $20 million. Rapyd’s valuation with the funding is now at $1.2 billion (up from just under $1 billion in October).

The $20 million comes from new investment firm Durable Capital Partners.

Notably, it was only in October that Rapyd announced a $100 million raise. CEO and co-founder and Arik Shtilman said that Rapyd has now raised $180 million in total, with previous investors in the startup including Oak HC/FT Tiger Global, Coatue, General Catalyst, Target Global, Stripe and Entrée Capital. (Stripe, itself a fast-growing fintech upstart, remains only a financial investor in the company, Shtilman confirmed.)

Durable is the firm founded by Henry Ellenbogen, formerly a star investor at T. Rowe Price, in what Rapyd said was the firm’s first investment. (Note: Durable was also announced earlier as an investor in Convoy’s $400 million round, some clear signs that it’s open for business now.)

With Rapyd only recently raising a round, Shtilman said that the reason for the — err — rapid follow up was because the company is gearing up to make some acquisitions, as it too moves in on the consolidation trend by adding in more tools into its “Swiss Army Knife” of services.

“We’ve started to look at two acquisitions that were bigger than what we originally planned, with prices more in the range of $100 million,” he said. Up to now, Rapyd has largely built its technology from the ground up, but this will be about “getting at new business very quickly,” he added. Both deals are in progress now and are likely to close in February / March. One is of a card issuing platform (a la Marqeta), and the other is of a company based in Asia Pacific that is a significant player in payments in the region. 

The focus on Asia Pacific both for testing out new services and acquisitions is in part because this, along with Latin America, have shaped up to be important geographies for the company. In the last three months, Rapyd has signed on 20 additional large-scale companies, Shtilman said, with several of them based out of, or serving, customers out of the two regions.

In fact, Rapyd doesn’t talk much about actual customers, but they include e-commerce merchants, gig-economy platforms — including Uber — financial institutions, and technology providers. The basic pitch is that financial services are complex, and providing one like payments often means having to offer others. Building these from scratch if this is not your core competency can be time-consuming and costly, and so that is where a company like Rapyd steps in with its API.

This is what attracted its newest investor, too. “Durable Capital Partners LP has a vision to identify and invest in promising early stage growth companies and invest in teams that have bold ideas but can also execute at a world-class level and build much larger companies,” said Ellenbogen in a statement. “I believe the Fintech-as-a-Service category has tremendous potential as companies seek to embed financial services as an integral part of the next generation technology stack. I believe Rapyd is very well positioned to drive this trend and I believe Arik’s track record in scaling cloud-based businesses will deliver success in this sector.”

When we last talked with Rapyd in October, we asked Shtilman about whether the company would ever move into logistics as part of its range of tools. After all, when you think about the complexities of procuring, storing and moving goods, it’s clear that logistics is one of the cornerstones you need to get right in an online business.

He said that this was on the company’s roadmap, and now Rapyd is in a pilot in Indonesia — an interesting test bed, considering that the country’s is spread across thousands of islands — where it has integrated a logistics service and given access to a single merchant as stage one of its closed beta. It’s also in discussions with other companies about how it can incorporate their services into the Rapyd platform to provide further “logistics as a service” to customers. He also confirmed the Durable has been a help here, by making an introduction to Convoy as part of that wider strategy.

Read more: https://techcrunch.com/2019/12/03/rapyd-which-offers-fintech-as-a-service-via-a-single-api-adds-20m-more-to-its-coffers-at-a-1-2b-valuation/

zephyrnet

Coinbase Custody selected by 21Shares for Bitcoin ETP

Avatar

Published

on

Coinbase

Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.

21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.

Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”

Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.

Source: https://blog.coinbase.com/coinbase-custody-selected-by-21shares-for-bitcoin-etp-a1b5dd380694?source=rss—-c114225aeaf7—4

Continue Reading

zephyrnet

Compound (COMP) is now available on Coinbase Earn

Avatar

Published

on

Coinbase

Earn COMP while learning how to borrow crypto and earn interest with Compound

Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.

Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.

Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.

Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning crypto today.

Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-earn-74cb88acbf78?source=rss—-c114225aeaf7—4

Continue Reading

zephyrnet

Compound (COMP) is now available on Coinbase

Avatar

Published

on

Coinbase

Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.

Compound (COMP)
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.

Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-de42a317790c?source=rss—-c114225aeaf7—4

Continue Reading
Biotechnology1 hour ago

COVID-19: Unearthing the ties that bind

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
CovId191 hour ago

Kanye West takes first official steps towards running for US president

Biotechnology1 hour ago

Scientists discover how deep-sea, ultra-black fish disappear

Biotechnology2 hours ago

Physicists celebrate Japan collider record

Energy2 hours ago

ADOMANI Provides Palmdale with Zero-Emission Logistics Van

Esports2 hours ago

MAD Lions vs. G2 Esports is the LEC match of the week for week 5

Biotechnology2 hours ago

Rare mutation of TP53 gene leaves people at higher risk for multiple cancers

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Esports2 hours ago

ESL One Cologne to be held online

Energy2 hours ago

Gilbarco Veeder-Root Adds Charging Station to Product Portfolio

Energy2 hours ago

Legends of Runeterra July Twitch Prime Loot: How to Claim

Biotechnology2 hours ago

Avoiding food contamination with a durable coating for hard surfaces

Energy2 hours ago

League of Legends Lillia Skins: 5 Skin Lines the Champion Should Join

Esports2 hours ago

Sage is getting hit by the nerf hammer in VALORANT Patch 1.04

Code2 hours ago

Lazy Loading Images in Svelte

Code2 hours ago

Irregular-shaped Links with Subgrid

Code2 hours ago

How to recover files from an inaccessible memory card with Disk Drill

Esports2 hours ago

Gorilla becomes first LCK player to reach 4,000 regular season assists

Biotechnology2 hours ago

Merck taps Novocure’s cancer-fighting electric fields for new Keytruda combination study

Esports2 hours ago

Evil Geniuses sign Goldenglue for one week contract

Esports3 hours ago

Team Liquid’s upcoming Brawl Stars tournament will be its largest yet

Esports3 hours ago

Call of Duty 2020 listing “The Red Door” makes another appearance

Ecommerce3 hours ago

New E-Commerce Partnership Gives U.S. Merchants Access to LATAM

Esports3 hours ago

Police called to “disturbance of peace” – it was Lacari playing Dota 2

Biotechnology3 hours ago

A comprehensive review of database resources in chemistry

Energy3 hours ago

Lightning Systems Accepting Orders for New Electric Ford F-550

Code3 hours ago

G Suite is getting an overhaul that makes Gmail your “home for work”

Cyber Security3 hours ago

Third-Party IoT Vulnerabilities: We Need a Cybersecurity Paradigm Shift

Biotechnology3 hours ago

Adagio debuts with $50M to fight COVID-19—and the next pandemic

Esports3 hours ago

Yone teased on Riot’s newest animated feature

Esports3 hours ago

Dr Disrespect finally addresses Twitch ban, claims he still doesn’t know cause

Esports3 hours ago

Clash Royale League East introduces 2020 rosters

Energy3 hours ago

Dr Disrespect Speaks Publicly For the First Time Since Mysterious Twitch Ban

Cyber Security3 hours ago

Understand The Data

Esports3 hours ago

League of Legends: Goldenglue Joins Evil Geniuses, Huni Moves to Starting Roster

Biotechnology4 hours ago

Relay passes the baton from private to public biotech, making $400M in the process

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Esports4 hours ago

FiReSPORTS partners with BLAST for $141,000 FiRe League

Esports4 hours ago

ESL One Thailand announced for August

Code4 hours ago

92% of survey respondents report ‘some success’ with microservices

CovId194 hours ago

America Went Shopping For Clothes Again In June

Cyber Security4 hours ago

Amazon-Themed Phishing Campaigns Swim Past Security Checks

Trending