Rapyd enters Brazil with localized payments platform
- The UK fintech as a service company is expanding internationally.
- Brazil offers a big opportunity for fintech firms.
Local payments infrastructure company Rapyd is launching an integrated solution in Brazil.
The launch: Brazilian merchants and international businesses will now be able to offer their customers the ability to pay with Brazil’s most popular payment methods, without the need to do multiple technical integrations.
- The London-based company has partnered with Brazilian payment providers like Dock, Banco Rendimento, and other partners in building out its local offering.
- Rapyd’s launch of its Brazilian platform supports cash, bank transfers, ewallets, bill payments, and debit and credit card transactions and issuing in Brazil.
- Rapyd offers near real-time interbank payments through TED and real-time book transfers for major retail banks like Itau, Bradesco, Banco do Brasil, Santander, CEF and Banrisul.
- Its capabilities include local issued credit and debit cards via Visa, Mastercard, Elo, Aura, Hipercard.
- Rapyd clients can offer their customers cardless ATM withdrawals through Banco 24 Horas and e-Gift Cards for providers such as Uber, Xbox, and Google Play.
International expansion: Rapyd announced its first full-stack country offering in Singapore in 2019 and plans to make new announcements in Asia, Europe and the Americas in 2020.
Brazil: Brazil is becoming an increasingly popular stop when fintech firms expand internationally.
- Brazil is the largest economy in South America.
- Over 60 percent of the population shops online and 44 percent transacts cross-border.
- Nearly 55 million Brazilians don’t have a bank account at all.
- Brazil’s Nubank is the largest challenger bank in the world.
“We believe Brazil is a high-growth market with substantial opportunities to provide comprehensive payment services, including acceptance, disbursement, and issuing capabilities that support a variety of use cases in e-commerce, gig economy, digital goods, fintech, and B2B markets,” said Arik Shtilman, CEO of Rapyd.
“Our full-stack Fintech as a Service offering provides both domestic and international companies that are doing business in Brazil with a way to reach out to a much larger pool of customers who are using alternative local payment methods.”
Rapyd recently raised $120 million and is valued over $1 billion, according to TechCrunch.
- Investors include Stripe, General Catalyst, Oak FT, and Tiger Global.