Rapyd, a “fintech-as-a-service” provider, to acquire Icelandbased Valitor 100mfaridi Crowdfundinsider, which develops in-store and online payments technologies, for $100M (Omar Faridi/Crowdfund Insider)
Reports are indicating that Rapyd will be acquiring Valitor — an Icelandic based company —for $100 million. Rapyd is a fintech as a service provider with operations in the United States and Asia. They are a proud VMware Company based in Silicon Valley, California.
The Icelandic company Valitor is the country’s biggest payments provider and has been around since 2000. Valitor develops in-store and online payments solutions for merchants, financial institutions and payment service providers. According to reports, Valitor partners with companies like Visa, American Express, MasterCard, Danske Bank, Lidl and many others to generate revenue.
Valitor’s current operations are in Sweden, Denmark and the United States, but it is looking to expand its operations further across Europe. The Valitor technology would be a good fit for Rapyd as the company aims to grow their services with new technologies and companies.
Payment processing is one of the most cash intensive processes for fintech startups and in order for them to scale up more businesses in emerging markets will need to partner with established players like Valitor.
Rapyd is one of the fastest growing fintech companies in Silicon Valley. They are also backed by some big names in technology such as VMware, the leading virtualization and cloud company. VMware Inc. is betting on the emerging fintech space as seen from their previous investments in companies like FinAccel in 2015. FinAccel offers strategic advisory and investment services for financial technology startups across Asia Pacific, Europe, Middle East & Africa (EMEA), and North America regions.
Rapyd has been growing rapidly over the last year, with a goal to develop its services with new technologies and partners. Rapyd has also been investing in companies like Fintech Harbour, Payfoy, and Rock Alsace. The company’s CEO recently said:
“Our mission at Rapyd is to make it easier for anyone to make payments anywhere,” he said. “Our vision is to provide seamless payments and commerce experiences with the best possible user experience and the highest levels of security. The acquisition of Valitor expands our ability to better serve our partners and clients by providing them with a wider variety of products, greater scale, and broader geographic reach.”
Rapyd has also been hiring talent at a rapid pace. They have recently announced their executive hires from Visa, Citigroup and American Express. With the help of Valitor. Some of their investments include: Fintech Harbour, Payfoy, Rock Alsace, The Capex FinTech Fund and The Digital Investing Technology Fund.
Additional background: Icelandbased Valitor 100mfaridi Crowdfundinsider
Rapyd is backed by investors including Citi Ventures, Oak Investment Partners and Digital Garage. More than US$50 million has been invested in the company so far. It is based in Sunnyvale, California. It had more than 200 employees as of 2015.
They have offices in Seattle, San Francisco and New York City. They got their start as a small online payments company 1 year ago.
Their first product was named Rapyd Pay, an online payments service powered by technology developed by Valitor. The service is available in the United States, Brazil and the United Kingdom.
Rapyd offers payment solutions for SMEs (Small and Medium Enterprise) including multi-currency credit and debit cards, mobile wallets, payroll cards and loyalty programs.
