Rapyd and Cross River both launch new corporate venture arms
- Rapyd Ventures and Cross River Digital Ventures will invest in early and growth stage startups.
- Venture arms allow both the fintech and the bank to strategically invest in underdeveloped sectors.
Venture capital is pouring into fintech, with $105.3 billion invested across 2,861 deals in 2020 and two firms are taking things into their own hands.
Within a few weeks of each other, payments fintech Rapyd and partner bank for many top fintechs, Cross River announced the launch of their new venture arms, following the paths of some industry staples like Square, Stripe, Paypal, Amazon and more.
In early June, Banking-as-a-Service platform Rapyd announced the launch of its venture capital arm, Rapyd Ventures, which will invest in two types of businesses locally and globally: capability providers and end-user platforms. The former encompasses startups that are in the business of developing core infrastructure in areas where there is potential for market expansion such as money movement and embedded financial services. The latter includes companies that will directly develop financial services for customers and businesses alike.
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