Rapyd reveals launch of new business arm

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Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Rapyd, which describes itself as a Fintech-as-a-Service firm, has announced that its new ‘Rapyd Ventures’ arm will work alongside small companies in the payment innovation space to help them grow.
  • Rapyd said that it intended to work in particular with firms that are in the early stages of their development – past their seed funding round, and into their Series B space.
  • Joel Yarbrough, the new managing director of Rapyd Ventures, shared more insights into how and why the firm had made this move – including his belief that fintech is of growing importance to a range of different services.

Fintech-as-a-Service firm Rapyd has confirmed that it will launch a brand-new business arm called Rapyd Ventures.

Rapyd said that it will use this business arm to invest in payment innovation.

It will work with online money transfer and payments companies that are in the early stages of their development.

Rapyd aims to cooperate in particular with firms that have gone through a round of seed funding already, it said.

Rapyd said that its venture arm will work with two different types of start-up business in the international money transfer sector.

One will be what it described as “capability providers” – or firms that are providing core infrastructure in tune with the latest market developments, including regulatory issues around identity verification as well as other issues such as risk management.

However, it will also seek to invest in firms that offer cross-border payments services directly to the user – whether this is on a consumer or commercial level.

As well as providing capital, Rapyd will also be responsible for introducing the firms to a wider network of other institutions.

The company also confirmed that it has picked Joel Yarbrough to serve as managing director of Rapyd Ventures as well as the firm’s overall vice president of Asia Pacific.

In a statement, Yarbrough shared more of the context around Rapyd’s plan to work with business leaders in the early stages of their companies’ developments to improve financial services infrastructure.

“We are engaging with entrepreneurs around the world to create the enabling infrastructure for next-generation financial services and bring to the market new fintech products that create opportunities for individuals, small, and large businesses to transact with lower friction, more quickly, safely, and in new ways,” he said.

He added that the move was partly rooted in a plan to make the most of fintech developments over the coming years – an area that he believes will be growing given the rise of open banking and other key sector issues.

“We believe that ‘FinTech’ will be built into all types of services, and we want to help bring to life a network of innovators and a rich set of new payment, identity, open banking, and embedded finance capabilities to make it happen,” he explained.

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