B2B fintech service provider, Rapyd has announced an agreement with Visa that will expand the company’s worldwide business operations.
Rapyd’s collaboration with Visa will offer fintech and payment services in which both firms see opportunities to help businesses expand its core offerings with more expansive local and cross-border market solutions.
Sarel Tal, Vice President, Europe, Middle East and Africa (EMEA) at Rapyd stated: “As businesses look for global expansion opportunities they must contend with the complexity of integrating local and cross-border payment capabilities, including collections, disbursements, and card-based solutions.
“Now Rapyd can leverage Visa’s offerings, Visa Direct for real-time funds transfers, Visa Token Services for secure digital payments, and Visa’s issuance capabilities to enhance Rapyd’s core issuing and acquiring services, unlocking simple, relevant payment experiences for these businesses globally.”
Additionally, Rapyd will join Visa’s Fintech Fast Track programs as an enablement partner to drive its speed to market for Fintechs through a variety of Visa payment solutions.
Along with Rapyd becoming a Visa issuer in the UK, the firm has plans to expand its issuing and acquiring footprint in other key regions over time.
The company’s unified cloud-based platform helps businesses integrate Fintech and payment capabilities into any commerce application. As part of the new relationship with Visa, Rapyd can instantly issue a virtual Visa card that can be utilised by a gig-economy worker in Latin America to purchase goods on behalf of the platform, or disburse funds to a worker on a Visa card in Asia-Pacific, all from a single integration on the Rapyd platform.
Matt Dill, global head of strategic partnerships and venture at Visa concluded: “Rapyd’s platform helps fintechs, merchants and marketplaces stand up payment-related services quickly and easily across multiple markets,
“We’re excited about our collaboration with Rapyd, and the many benefits we can provide to our mutual partners worldwide.”
Expert analysis: Both Visa and Rapyd will be looking forward to strengthening its stance in the payment service sector which will undoubtedly grow in the European market. In 2018 cross-border ecommerce revenues reached €137 billion in Europe, a 22.8% share of total online sales, showing the importance of investing in this growing market.