Rapyd, a fintech startup founded in 2015, aims to build a cardless financial system to assist the development of small and overseas enterprises. It tackles the complexities of integrating various local banking systems and payment options, as well as ensuring compliance with local legislation.
The investment will go into Rapyd’s technology and expansion strategy. In Southeast Asia, with the firm’s next development facility to be built in Singapore and with the objective of leveraging the knowledge and enthusiasm of young professionals.
Rapyd provides various services such as cash, online payments, e-wallets, and local debit card payments. It allows shoppers to purchase foreign currency and access local ATMs that are open 24 hours a day, seven days a week using the in-app web map, where no card is necessary to withdraw money. It also enables users to obtain an incentive for using the program and refunds excess foreign money directly to their checking account.
Banking transactions and cash account for over half of all transactions worldwide; as a result, retailers find it challenging to electronically enable local payment options and execute international sales necessary for global expansion. This difficulty has created a demand and new companies are rising to accomplish the task.