Rapyd, a digital payments firm, has secured $40m investment through a Series B funding round led by Stripe and General Catalyst.

Other investors in the funding round include Target Global and IGNIA.

Target Global general partner Mike Lobanov said: “Rapyd is a rare example of a unique solution allowing merchants and banks that work globally to be able to access hundreds of payment methods with one integration around the world.

“This ensures access to services for those who are most in need so that they can pay the way they are used to rather than being obliged to use the existing rails of card schemes.”

The investment takes the total capital raised by Rapyd to $60m.

With the new capital, Rapyd intends to upgrade its platform, which supports bank transfers, e-wallets, and cash for local acceptance and payouts.

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Businesses can integrate these payment methods into a digital application from a single API.

Rapyd co-founder and CEO Arik Shtilman said: “As global commerce continues to grow, the market opportunity for online merchants, the gig economy, online lenders and banks looking to provide access to funds instantly, is constrained due to the challenges of accepting and making local payment methods and cash transactions.

“Rapyd helps businesses and their customers pay and be paid however they choose by seamlessly integrating any local payment method or cash to run any digital application from a single API.”