Iceland-based 100m Faridi Crowdfund Insider: In a major deal that will strengthen its existence in the European market, Rapyd, a provider of financial services software-as-a-service (SaaS) and solutions, has announced the investment of Valitor, an Icelandic-based fintech firm focused on payments innovation. The deal is worth $100 million (roughly €94 million), as reported by Crowdfund Insider.
Valitor, which was founded in 1999, is a leading provider of payment solutions in Iceland. It serves over 30,000 merchants. This company provides a massive range of payment solutions, like online payment processing, point-of-sale (POS) terminals, and mobile payment solutions.
Rapyd, which was founded in 2016. It is a worldwide fintech company that provides a suite of SaaS solutions that allow businesses to accept and send payments to anyone, anywhere in the world. It is much faster, easier, and cheaper. The company’s platform is used by over 5,000 businesses, like Uber, Airbnb, and Shopify.
Key Benefits
The acquisition of Valitor is expected to provide Rapyd with several benefits, such as:
- Expanded reach in the European market: Valitor’s strong presence in Iceland will give Rapyd a foothold in a key European market.
- Enhanced product offerings: Valitor’s technology will complement Rapyd’s existing product offerings, giving the company a more comprehensive suite of financial services solutions.
- Increased customer base: Valitor’s large customer base will add to Rapyd’s growing list of clients.
“We are excited to welcome Valitor to the Rapyd family,” said Eric Ervin, CEO of Rapyd. “This investment is a crucial step forward in our goal to become the global leader in embedded finance. Valitor’s technology and team will be a great asset to our company.” The investment is expected to close in 2023, in the second quarter.
About Rapyd
Rapyd is a provider of financial services software-as-a-service (SaaS) and solutions. Therefore, it enables businesses to easily accept and make payments, issue cards, and embed finance into their platforms. The company’s technology is used by all sizes of businesses, like banks, online platforms, and retailers. Also, Rapyd is headquartered in Mountain View, California, and has offices around the world.
About Valitor
Valitor is a leading provider of payment processing solutions in Iceland. However, they provide a massive range of products and services to merchants of all sizes. Additionally, the company’s technology enables merchants to accept payments online and in-store. As well as through mobile and contactless payments. Valitor also provides a suite of value-added services, such as fraud prevention and chargeback management. Hence, Valitor is headquartered in Reykjavík, Iceland.
Faridi’s Part in the Deal
Omar Faridi, a managing partner at Faridi Capital, an investment firm focused on the fintech industry, played a key role in the deal. So, Faridi is a recognized expert in the fintech space. Also, he advised Rapyd on the acquisition and helped to negotiate the terms of the deal.
“This acquisition is a major milestone for Rapyd and a testament to the company’s strong leadership and innovative technology,” said Faridi. “I am confident that this deal will help Rapyd to achieve its goal of becoming the world’s leading fintech platform.”
Coverage of the Deal by Crowdfund Insider
Finally, Crowdfund Insider, a prominent source of news and information about the crowdfunding industry, provided full coverage of the deal. The publication reported on the investment as soon as it was announced and provided an analysis of the deal’s effects on the fintech company.
Chris Campbell, editor-in-chief of Crowdfund Insider, said: “This investment is a significant development in the fintech industry and is sure to have a major impact on the European market. Also, “We are excited to see what Rapyd and Valitor can achieve together.”
