Rapyd Topples Gong in Startup Ratings

Israeli fintech company Rapyd has overtaken Gong as the country’s leading startup, Globes reported on Tuesday.

Rapyd announced completion of a $300 million Series E financing round, which market sources were quoted as saying raised its valuation to an estimated $8.7 billion, though the company itself would not confirm the figure.

At this valuation, it would move ahead of Gong, which raised $250 million in June at a valuation of $7.25 billion.

The entire sum will be for investment in the company with no secondary offering by current shareholders.

The latest round was led by Target Global with participation of new investors including funds managed by Fidelity Management and Research Company, Altimeter Capital, Whale Rock Capital, BlackRock Funds, and Dragoneer, along with existing investors: General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.

Rapyd offers a platform enabling speedy local payments anywhere in the world, allowing companies in any location to access markets quickly. The Rapyd platform is unifying fragmented payment systems by consolidating 900-plus payment methods in over 100 countries.

CEO Arik Shtilman said, “Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated. Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity. We are grateful to our investors for acknowledging the new needs of our ecosystem and supporting our aspirations.”