London-based fintech-as-a-service provider Rapyd has secured $100m in a funding round led by Oak HC/FT.

Oak was joined by Tiger Global, Coatue, General Catalyst, Target Global, Stripe, as well as Entree Capital.

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Oak HC/FT co-founder and managing partner Tricia Kemp said: “As financial services become increasingly digitised and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential.

“We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”

Rapyd plans to utilise the fresh funds to develop its unified cloud-based technology, which facilitates the integration of fintech and payment capabilities into commerce apps.

Besides, the infusion will be used for developing the Rapyd Global Payment Network.

Using Rapyd’s platform, one can accept cash, bank transfers, e-wallets, and local debit card payments in over 100 countries. The platform also supports multi-currency settlement in 65 currencies and disbursements in more than 170 countries.

Rapyd co-founder and CEO Arik Shtilman said: “Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localised customer experiences without having to build their own infrastructure.

“The expectation today is that this must happen around the world in order to drive growth into new markets.”