British fintech-as-a-service (FaaS) platform Rapyd has raised $300m in a Series E funding round led by Target Global.

The round was joined by new investors including Altimeter Capital, Whale Rock Capital, BlackRock Funds, and Dragoneer and funds managed by Fidelity Management and Research Company.

Rapyd’s existing backers General Catalyst, Latitude, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital also participated in the fundraising.

The round follows Rapyd’s $100m acquisition of Icelandic payments solutions firm Valitor, and the launch of the company’s venture unit, Rapyd Ventures.

The company said that it will use the additional funds to tap evolving opportunities in digital payments, embedded finance, and scalable cloud-based payment infrastructure across all segments and verticals.

It will also support the company’s growth through a combination of organic growth, acquisitions, and strategic investments.

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Rapyd co-founder and CEO Arik Shtilman said: “We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide.

“We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd’s platform can support businesses looking to grow internationally.

“We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals.”

Rapyd also intends to use the capital to make more strategic acquisitions in key markets and grow payment products.

The move is expected to expand Rapyd’s platform across geographies, verticals and solutions.

Target Global general partner Mike Lobanov said: “There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive.

“Having led Rapyd’s Series A in 2018, we are confident that Rapyd can be such a partner, and are now renewing our bet in this round.”

In January this year, Rapyd raised $300m in a Series D financing round to support its growth in the global payments industry.