“Every company will be a fintech company,” Angela Strange, a general partner at famed Silicon Valley investor Andreessen Horowitz, declared early last year.
Her comments reverberated through the fast-growing financial technology industry, and came as tech giants like Google and Apple signaled a growing interest in banking.
Can any big brand embed finance into their services? Rapyd, a firm providing what’s sometimes referred to as the “plumbing” of fintech services, thinks so.
“We believe that every single company that is a consumer-facing brand will end up as a fintech company, because the main way to monetize your client base is with financial services,” Arik Shtilman, Rapyd’s co-founder and CEO told CNBC.
Shtilman’s company announced on Wednesday that it had raised $300 million in a mega funding deal, lifting its valuation to $2.5 billion. That’s more than double the $1.2 billion Rapyd was worth in a 2019 funding round.
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