TDB Digest

TDB Digest – What’s Cooking in the FinTech and Banking Industry (Issue 18)


Rapyd raises US$300 million in Series D round

Rapyd – a Fintech as a Service company recently announced a $300 million Series D financing round. This round was led by Coatue with other new investors such as Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital participating. Financing from this round will be used to grow the company’s presence across Asia, expand payments capabilities in the region and also target strategic acquisitions complementing Rapyd’s existing solutions. Arik Shtilman, co-founder and CEO of Rapyd remarked, “To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.”

Brigit raises US$35 million in Series A round

Brigit – a financial health app recently announced a $35 million Series A round of funding. The round was led by Lightspeed Venture Partners, with participation from DCM, Nyca, Canaan, DN Capital, CRV, Core Innovation Capital, Shasta, Hummingbird, Abstract, Brooklyn Bridge Ventures, Secocha, Sound Ventures, and Flourish Ventures. Brigit aim to ease financial stress by creating simple and transparent financial products which put money back in the hands of their members, help them spend wisely, and avoid unfair fees.

Trovata raises US$20 million in Series A round

Trovata – a banking technology aimed at automating cash management recently announced it has raised $20 million in a series A round. This round was led by Wells Fargo Strategic Capital with other investors such as Capital One Ventures and Pivot Investment Partners, as well as existing early investors JPMorgan and Fintop Capital joined the round. Investment from this round will be used to deliver new services, accelerate multi-bank APIs globally, and add more bank distribution partners. Trovata founder and CEO Brett Turner commented, “The pandemic has spurned the need for better cash visibility, bank data in real time, and more proactive cash forecasting. Companies growing and contracting are in need of these things which have only accelerated interest.”

Melio raises US$110 million on a US$1.3 bn valuation

Melio – a B2B payments outfit focused on catering to small businesses recently announced joined the unicorn club after receiving US$110 million in funding. The round was led by Coatue and joined by Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst, and Latitude. Matan Bar, CEO of Melio remarked, “Payments are contextual and they want to enable a quicker way to get there. The SMB is underserved. And yes, from a unit economics it’s much better to go after Nike. But this is also to really create some financial inclusion. We want to enable services for the small shop that the big guys already have.”











Ray Ferguson

Former Standard Chartered Singapore CEO Ray Ferguson Joins Homegrown Fintech STACS as Chairman

Appointment comes in a period of strong growth for startup, with recent partners including Deutsche Bank, Bursa Malaysia, and PwC Singapore

Ray Ferguson, the former CEO of Standard Chartered Singapore, has joined homegrown fintech start-up Hashstacs Pte Ltd (STACS), a leading Singapore-headquartered fintech development company providing transformative technology to the financial services sector, as Chairman. STACS is focused on capital markets use cases such as the trade lifecycle management of bonds, Environmental, Social, and Governance (ESG) fintech, structured products, and exchange-traded derivatives, empowering financial institutions to unlock massive value presently locked up in inefficient systems and processes.

In his new role, Ray will support STACS with its deeper understanding of capital markets and how boards of multinationals think about emerging disruptive technologies, further developing its business strategy and strengthening its standards of governance. As a fast-growing technology company, key upcoming plans for STACS under Ray’s leadership will include embarking on a fund raise later this year to scale the business, onboarding more strategic investors, and furthering its ecosystem expansion with more industry partners, especially in connection with the theme of ESG and green fintech. In line with the international push to address climate change, and the Singapore ministry placing sustainability at its core as highlighted recently by Minister for Sustainability and the Environment Grace Fu, a key focus for STACS in 2021 is their GreenSTACS technology. This allows financial institutions to employ effective ESG financing with smart contracts, manage usage of proceeds effectively, and have transparent real-time tracking and impact reporting of green assets on the distributed ledger technology (DLT).

Benjamin Soh, Co-founder & Managing Director at STACS, said: “We are delighted to welcome Ray to the STACS team as Chairman. The market opportunity that lies before us is colossal, global, and with big sophisticated financial institutions that only accept the very best when it comes to technology and standards. The advantage we have is that our technology platforms are live, institutional, and already proven in the marketplace with various award wins, including the Monetary Authority of Singapore (MAS) Global FinTech Innovation Challenge Awards 2020. Where Ray can really help us is with getting to that next rung on the ladder, and I look forward to our team gaining immensely from his knowledge and network in capital markets, as well as his prior experience in scaling a technology startup unicorn. Together with Ray, I believe that we can bring STACS forward into a phase of accelerated growth.”

Ray Ferguson, Chairman of STACS, said: “It’s an honour to join STACS as Chairman. One thing I’ve learned over my career is that if you’re going to be a chairman, you have to work with a great team. I have been impressed with the STACS team and the numerous qualities they have shown, which is first and key – the rapport, camaraderie, and shared vision. I believe STACS has the potential to become a globally renowned infrastructure player for the financial services sector built on it’s DLT backbone, leveraging the proven strength of governance and infrastructure here in Singapore. Finally, we need customers and partners that are global in order to become a global institution ourselves, and this is where I will focus my energies — identifying propositions that allow us to work with the biggest banks and institutions in the world.”

In addition to his new role at STACS, Ray also holds other roles including as Chairman of Singapore-based technology insurance platform Aviva Singlife Holdings. In December, Malaysia’s national stock exchange Bursa Malaysia partnered with STACS to conclude a trial using the blockchain to facilitate the growth of the bond marketplace via its Labuan Financial Exchange. More recently in January, Deutsche Bank collaborated with STACS on a strategic initiative related to the technological and practical feasibility of digital assets interoperability, liquidity, cross-border connectivity, and smart contract templates. STACS also announced last week that it is now a portfolio company of PwC Singapore’s Venture Hub programme, which will bring about synergies between the two firms, while helping to elevate trust placed in DLT by the financial services industry and driving adoption. STACS expects to continue announcing new industry partnerships with leading financial institutions in 2021 as it seeks to transform global capital markets.



STACS (Hashstacs Pte Ltd) is a Singapore FinTech development company with a Vision to provide Transformative Technology for the Financial Industry, with its complete infrastructure of ready platforms that make global markets simpler. STACS is leading the way forward by digitalizing assets, processes, and documents using its proprietary STACS Blockchain technology. Its clients and partners include global investment banks, national stock exchanges, custodian banks, asset managers, and private banks. STACS is an Award Winner of the Monetary Authority of Singapore (MAS) Global FinTech Innovation Challenge Awards 2020, a technology partner of Project Ubin led by MAS, and also a two-times awardee of the Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant, under the Financial Sector Development Fund administered by MAS. STACS remains committed to its Mission to empower financial institutions to discover new opportunities through its technology.


Martin Chee

IBM appoints Martin Chee to lead IBM ASEAN

IBM (NYSE: IBM) IBM announced the appointment of Martin Chee as the General Manager of IBM ASEAN. The appointment is effective 1 January 2021. Martin succeeds Patricia Yim who has been appointed to the role of Technology Leader, IBM Asia Pacific.

Martin will continue in his current role as General Manager of Singapore in addition to his new role as General Manager for the ASEAN region. In his expanded role, Martin will be responsible for business growth and leadership of IBM in Singapore and ASEAN.

His new portfolio includes strengthening IBM’s presence and collaboration with clients and partners through the adoption of Open Hybrid Cloud and AI to drive digital transformation for business success. Martin will be based at IBM ASEAN’s headquarters in Singapore and will report to Brenda Harvey, General Manager, IBM Asia Pacific.

A law graduate from the National University of Singapore, Martin began his career as an IP lawyer before switching to IT. He joined IBM in 1997 as legal counsel for Lotus Development which IBM acquired and has held various leadership roles in Software, Services and Enterprise business before being named General Manager for Singapore in April 2020.

“ASEAN continues to advance with tenacity as it navigates the global health pandemic by leveraging on technology as a key lever to growth. Our clients recognise the power of open hybrid cloud and AI platforms to stay competitive and relevant. I am confident that Martin’s regional leadership experience, solid track record and passion for helping clients bring technology to life will serve him well in this expanded role. His strategic mindset will be invaluable in developing a diverse ecosystem of alliances in ASEAN ,” said Brenda Harvey, General Manager, IBM Asia Pacific.

For more information, go to

SGX x Temasek 1

SGX and Temasek partner to advance digital asset infrastructure in capital markets

Singapore Exchange (SGX) and Temasek today announced that they have entered into a joint venture (JV), which is set to be Asia Pacific’s first exchange-led digital asset venture focused on capital markets workflows through smart contracts, ledger and tokenisation technologies.

This builds on the successful collaboration between SGX, Temasek and HSBC which culminated with the issuance of Asia’s first public syndicated digital bond for Olam International in August 2020. In all, SGX’s digital asset issuance, depository and servicing platform was used to issue four digital bonds by several issuers, with a total size of over S$1 billion.

The partnership between SGX and Temasek combines SGX’s multi-asset experience and strengths in operating market infrastructure to the highest regulatory standards, together with Temasek’s expertise in blockchain technology and ecosystem connectivity.

Pradyumna Agrawal, Managing Director, Blockchain@Temasek (left) and Lee Beng Hong, Senior Managing Director, Head of Fixed Income, Currencies and Commodities (FICC), SGX (right)

The JV will look to partner with fixed income issuance platforms to connect to its post-trade and asset servicing infrastructure, providing issuers, arranger banks, lawyers, investors and paying agents with a comprehensive, issuance-to-settlement network for Asia bonds. Concurrently, the JV will focus on other existing and emerging asset classes that have seen growing market demand, including funds and sustainable finance.

Lee Beng Hong, Senior Managing Director, Head of Fixed Income, Currencies and Commodities (FICC), SGX, said, “The early success in our digital bond issuance platform has paved the way for SGX to make a larger move into digital assets, and we are very excited to take our digital asset business to the next level in partnership with Temasek. Together, we will capitalise on digitalisation trends that continue to shape global capital markets, and advance the development of capital markets infrastructure in Asia.”

Pradyumna Agrawal, Managing Director, Blockchain@Temasek, added, “We have been tracking the evolution of financial market systems and the opportunities for development of digital infrastructure that will transform how financial transactions are conducted. We are pleased to partner SGX in this effort towards continual improvement of capital markets through the development of innovative end-to-end digital asset solutions.”


About Singapore Exchange

Singapore Exchange is Asia’s leading and trusted market infrastructure, operating equity, fixed income and derivatives markets to the highest regulatory standards. It also operates Asia’s only multi-partner, multi-asset exchange-led sustainability platform (

As Asia’s most international, multi-asset exchange, SGX provides listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore. SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN and offers commodities and currency derivatives products. Headquartered in AAA-rated Singapore, SGX is globally recognised for its risk management and clearing capabilities. For more information, please visit


ZA Bank expands footprint into insurance business

ZA Bank expands footprint into insurance business, enhancing user experience with ‘dual licence’ model

ZA Bank is pleased to announce that it has been granted an Insurance Agency Licence from the Hong Kong Insurance Authority (“IA”), allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand. The move sees ZA Bank become Hong Kong’s first virtual bank to be the agent of insurance products powered by a digital-only insurer, 10 months after the bank’s official launch. This licence also enables ZA Bank to create an all-new digital banking experience.

ZA Bank will on-board a suite of ZA Insure products in due course. Users can then access its one-stop service from quotation, application, underwriting to payment, all to be completed in the ZA Bank App (the “App”) regardless of time and location. They can also view their policy details anytime in the App upon policy issuance, enjoying a seamless and convenient experience without the trouble of re-entering most of the personal particulars during the entire journey. Meanwhile, ZA Bank will adhere to ZA Insure’s philosophy of creating “insurance everyone can afford”, offering simple insurance products at inclusive prices to address users’ diverse needs for basic protection.

Wayne Xu, President of ZA International and CEO of ZA Insure, said: “We are delighted about this tie-up between ZA Bank and ZA Insure, the first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong. Ever since ZA Insure has received a digital-only insurer licence from the IA, customers in the market have been expressing their anticipation for our synergy with ZA Bank. We believe the two ZA businesses can leverage each other’s technology capabilities and cost advantages, and work together to create greater values for users’ digital banking journey down the road.”

Rockson Hsu, CEO of ZA Bank, said: “With our Community Driven approach, we are dedicated to identifying trends from user feedback, and then applying the insights into actual functions in our App. Today we have become the only virtual bank in Hong Kong that can offer savings, loans, card services and insurance products at the same time. This demonstrates not only our commitment to fulfilling our promise to users, but also our devotion to providing comprehensive services. We will continue to be a game changer as we step into the next chapter.”

ZA Insure (the trade name of ZA Life Limited) is a joint venture between ZhongAn Technologies International Group Limited and Fubon Life Insurance (Hong Kong) Company Limited. On 4 May 2020, ZA Insure obtained a digital-only insurer licence


* “Dual licence” refers to the banking licence granted by the Hong Kong Monetary Authority and the Insurance Agency Licence granted by the Hong Kong Insurance Authority (Licence Reference Number: GA1009; for Long Term Business, excluding Linked Long Term Business) from the IA under its Fast Track pilot scheme.


Revolut Singapore’s customers can now round up their card payments and donate their spare change to charity

  • Donations allows Revolut Singapore’s customers to instantly round up their card payments and donate their spare change to charity
  • The service launches with an initial three charities: The Singapore Red Cross, The Singapore Cancer Society, and Club Rainbow (Singapore)
  • Customers are also be able to make donations that are either one-off or recurring (daily/weekly/monthly)

Revolut Singapore is proud to announce the release of a new in-app feature called Donations, which allows its customers to round up their card payments and donate the difference to three charities. Customers also have the option to make a one-off donation or set up recurring contributions, which can be terminated at any time. There is no minimum donation amount to make use of this feature.

Unlike many traditional banks, payment firms and fundraising platforms, Revolut does not charge its customers or the charities a fee for the donations. This means that 100 percent of the funds collected from customers goes to the charities.

The Singapore Red Cross, Club Rainbow (Singapore) and the Singapore Cancer Society have been chosen as the first three charities due to their appeal to Revolut Singapore’s user base. Each of these charities seek to positively impact lives and relieve suffering caused by poverty and disease. In addition to these charities, we will be adding others over the course of the year. In 2020, Revolut customers globally contributed almost S$6.5 million in donations through the Revolut app.

James Shanahan, CEO of Revolut Singapore says: 

“Supporting social causes is both important to us as a business, and to many of our customers. Complicated sign up processes and scary commitments can put a lot of people off, so we wanted to build a feature that would enable our customers to support good causes in a seamless and secure way.”

Benjamin William, Secretary General/CEO, Singapore Red Cross says:

“The Singapore Red Cross is pleased to partner with Revolut Singapore in this meaningful initiative. Through the Revolut app, donors will be able to round up their spare change and donate them to a charity of their choice. This small act of convenience has the potential to translate into big changes for our beneficiaries.”

Dr. Sashikumar Ganapathy, President, Club Rainbow (Singapore) adds:

“Club Rainbow is delighted to partner with Revolut Singapore. The app makes it easy for donors to help our children and their families. Every amount of spare change can collectively benefit them.”

Albert Ching, CEO, Singapore Cancer Society says:

“Covid-19 has impacted our fundraising efforts and the well-being of cancer patients in our cancer community significantly. Despite these challenges, SCS needs to continue raising funds to provide holistic care and support for those impacted by cancer. With the support of Revolut

Singapore and the public, SCS will be able to better serve beneficiaries and continue to strengthen efforts to ‘Minimise Cancer and Maximise Lives’. ”

Q9 launches private wealth experience for digital assets

Q9 launches private wealth experience for digital assets

Q9 Capital has launched a full-service digital asset platform for private wealth which addresses the long-standing lack of digital asset services for mass affluent and high-net-worth (HNW) investors, family offices, wealth managers, and corporates. The company enables clients to buy, sell, store, and earn recurring income on cryptocurrencies within a single platform.

Q9 has seen strong client uptake based on its combined offering of dedicated relationship management, a digitally native platform, and an integrated product set – all while securely delivering a seamless user experience and the close personal connection that private wealth clients expect.

Delivering the private wealth experience

To date there has been a large gap in the private wealth management market for digital asset services and solutions. James Quinn, Managing Director of Q9 Capital, explains, “Private wealth clients value their relationships, but digital assets have to date largely been a ‘do it yourself’ asset class dominated by retail-style exchanges. Q9 is one of the first platforms to offer dedicated relationship management combined with a digital-first trading platform.”

Q9 anticipates strong growth in demand for private wealth solutions for digital asset investing in the coming years. This is based on a combination of growing demand for digital asset investment services from private wealth investors and the fact that neither current platforms nor incumbent wealth managers are structured to meet their needs in this area.

Product set designed to meet private wealth needs

Q9 is filling this gap by offering a broad and fully integrated product set specifically designed for private wealth investors. Clients are able to trade all major cryptocurrencies, seamlessly store the assets, and earn a recurring income on them via:

  • OTC Trading provides deep liquidity and efficient pricing via a 24/7 electronic trading solution. Clients can opt to buy/sell large cap and stable coins via the online platform, trading desk, or directly with their relationship
  • Earn allows clients to receive up to 7% APY on cryptocurrencies such as USD stable coins, Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Earn converts idle assets into interest producing ones and provides an alternative to investors hunting for yield in a low interest rate
  • Custody Gateway is a first-of-its-kind digital asset solution that allows investors to choose how and where their assets are stored. Custody Gateway helps mitigate risks associated with changes in policy or personal circumstances by providing the flexibility to store assets globally and change locations

Under Custody Gateway, clients can choose from an array of technological solutions and geographic jurisdictions including the USA, Hong Kong/Singapore, and a distributed offering across the USA, Switzerland, and Singapore.

Highest standards for safety and security

Q9 has developed the necessary processes, policies, and structure to make investing in digital assets secure and simple for its private wealth clients. In order to segregate and safekeep client assets, they are held in trust via a licensed entity.

Q9 is backed by the Henyep Group,, a diversified global financial conglomerate with more than 40 years of operational history.

“Launching these products is a major milestone and the next step in the rapid growth of the Q9 platform,” continued Quinn. “We are committed to developing one of the largest and most advanced product sets in the market. We see huge potential for delivering tailored digital asset investment solutions for the private wealth segment.”


About Q9 Capital

Q9 Capital is a full-service digital asset platform delivering a private wealth experience direct to individuals and institutions. We combine cutting-edge trading

capabilities with innovative products and personalised service so you have fast, simple, and safe access to the digital asset sector. Q9 is backed by the Henyep Group, a diversified global financial conglomerate with more than 40 years of operational history.

TDB Digest

TDB Digest – What’s Cooking in the FinTech and Banking Industry (Issue 17)


Rho Technologies raises USD 15 million in Series A Funding

Rho Business Banking – a digital banking platform for high-growth, scaling companies announced a $15 million Series A round of funding. The round was led by  M13 Ventures. The investors in this round include Torch Capital, Inspired Capital and Rogue Capital with angel investors contributing as well. Along with the funding news, Rho also announced the launch of its accounts payable product which will allows users of the business banking platform to fully automate the process. Everett Cook, CEO and Founder remarked, “We’ve developed the modern commercial banking platform built around the way companies operate today: distributed, team-oriented, transparent and built for scale. AP is the next step on our mission to help teams work better together with money.”

Enfusion raises USD 150 million in Series C Funding

Enfusion – an investment management technology solutions and services provider, announced that it has received a $150 million minority investment from ICONIQ Growth. Enfusions serves over 550 clients from nine global offices, and logged in another record  year when it signed on 160 new fund managers in 2020. Thomas Kim, CEO of Enfusion said, “Today, our strategic vision is being stewarded by hundreds of world class technologists, developers, financial experts and service professionals across our global team. As we expand our reach across the global investment management community, our team remains committed to excellence in client experience, innovation and performance.”

CoinSwitch Kuber raises USD 15 million in Series A funding

CoinSwitch Kuber – a cryptocurrency investment platform recently announced a $15 million Series A round of funding. This round was led by Ribbit Capital and Paradigm. The round also witnessed participation from existing investor Sequoia Capital India and angel investor. The funds raised will be used to enhance product, security and technology capabilities, in line with CoinSwitch’s goal to become the de-facto cryptocurrency investment platform for Indian users.


Agriculture Bank of China to test digital yuan at ATMs

In the ongoing digital yuan trial, Agriculture Bank of China will allow digital yuan to withdrawn and deposited at ATMs. This will be possible with the help of a smartphone app which will allow customers to convert cash and savings to and from the tokenized form. Zou Hua, manager of the bank’s Digital Yuan Innovation Lab, commented, “Agricultural Bank has taken the lead in launching the ATM cash deposit and withdrawal function in the industry to guide Shenzhen residents to adapt to the digitization of cash and explore service transformation.”


General Motors, Goldman Sachs and Mastercard to collaborate for new credit card

General Motors, Goldman Sachs recently announced the formation of a multi-year relationship for co-branded rewards-based credit cards with Mastercard. Goldman Sachs will be the issuing bank for the GM’s latest credit programs card and Mastercard will remain the preferred choice of network. The new card are slated for launched in September 2021. Omer Ismail, Global Head of Consumer Business at Goldman Sachs remarked, “Our focus remains on delivering a simple and transparent experience that helps customers manage their spending and borrowing needs better.”

Qatar FinTech Hub Hosts First Demo Day

Qatar FinTech Hub Hosts First Demo Day for the Incubator and Accelerator Programs

Qatar FinTech Hub (QFTH), co-founded by Qatar Development Bank (QDB) and established to support the growth of the FinTech industry in Qatar, has announced that Demo Day for Wave 1 of its flagship Incubator and Accelerator Programs will take place virtually on 18 January 2021.

The QFTH Demo Day, which is sponsored by Dukhan Bank, will be one of the biggest FinTech events in the region hosting key players from the local financial services ecosystem, as well as investors, global startups, international FinTech hubs, aspiring entrepreneurs and FinTech enthusiasts.

Abdulaziz bin Nasser Al Khalifa

Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of Qatar Development Bank and FinTech Task Force Chairman

Catering to FinTech entrepreneurs and startups worldwide who are looking for a launchpad and a hub in the Middle East to accelerate their growth, the QFTH Programs comprise of an Incubator for early-stage startups and an Accelerator for mature FinTechs. The programs have received tremendous traction during Wave 1 with over 750 applications from 72 countries.

Through the Incubator and Accelerator Programs, participating FinTechs took part in more than 300 business development sessions with over 15 financial institutions and completed a series of high-level Masterclasses conducted by QFTH partners and renowned speakers from across the world.

As they prepare for Demo Day, Wave 1 FinTechs are well on their way to launch a host of new and empowering services to accelerate the digital transformation of global markets.

Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of Qatar Development Bank and FinTech Task Force Chairman said: “Through QFTH, we aim to develop FinTechs and support entrepreneurs and innovators to make an impact in the region. Our efforts are built upon the robust and sturdy Qatari financial sector and powered by the support of our partners who play a great role in the success of the program.”

“I look forward to welcoming the international community to our first virtual Demo Day to learn more about the graduates of Wave 1 of our Programs and about the dynamics of the Qatari market,” he added.

Khalid Al-Subeai, Chief Executive Officer of Dukhan Bank, said: “We at Dukhan Bank are committed to supporting the digital transformation of the financial sector in Qatar. This is an important platform to provide a dependable infrastructure that is capable of meeting Qatar’s ambitions and future vision. We are proud to be sponsors of the first ever Demo Day for Qatar FinTech Hub and we look forward to welcoming all FinTech enthusiasts and networks from around the world to join us for this event.”

QFTH is now also accepting applications for Wave 2 of the Incubator and Accelerator Programs. Entrepreneurs interested in Financial Technologies and FinTechs who are looking to accelerate and grow their businesses, can now apply through the website;

QFTH aims to develop the Fintech industry in Qatar, in accordance with the Qatar National Fintech Strategy created by Qatar Central Bank (QCB), and to contribute and reiterate Qatar’s position as a leading international FinTech hub in the region, as outlined in Qatar’s National Vision 2030. The first wave of the Incubator and Accelerator Programs were focused on payments in alignment with the Qatar FinTech Strategy, and in synergy with QCB – Sandbox and upcoming regulations.

As part of its commitment to offer world-class expertise to participating FinTechs, QFTH is continuously collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, global FinTech hubs, academia, and regulators. Microsoft is participating as our program technology partner. Other recent partnerships include Amazon, Progress Soft, Vodafone, and Global Positioning System to name a few.

For more information about QFTH, visit


About Qatar FinTech Hub

Launched by Qatar Development Bank (QDB) in May 2018, with the support of Qatar Central Bank (QCB), Qatar FinTech Hub (QFTH) is part of QDB’s FinTech vision and ambitions.

QFTH is a global FinTech hub with the purpose to support the development of the FinTech industry in Qatar. It aims to facilitate collaboration among the participants and stakeholders of the FinTech ecosystem and develop local and global relationships that will advance the bank’s FinTech vision.

QFTH brings together talented entrepreneurs, investors, and enablers to develop disruptive technologies so that great visions become reality.

QFTH offers a globally interconnected cluster, which gathers a vibrant community of FinTech entrepreneurs, industry experts, regulators, and investors.

To offer the best global opportunities, expertise, and develop a collaborative FinTech ecosystem, QFTH has tied up with global FinTech hubs, financial institutions, universities, technology partners, industry experts and others.

QFTH holds considerable opportunities for economic diversification, one of the four pillars of the Qatar National Vision 2030 that seeks to “transform Qatar into an advanced society capable of achieving sustainable development” by 2030.

Rapyd Raises $300 Million in Funding

Rapyd Raises $300 Million in Funding to Support Accelerated Growth Within Global Payments Industry

Series D financing to be used to expand company’s global fintech and payments platform and enable strategic acquisitions

Rapyd, a global Fintech as a Service company, today announced a $300 million Series D financing round led by Coatue. Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.

Rapyd’s platform embeds fintech services into any application and simplifies the complexity of offering local payment methods through an easy-to-use API while managing diverse compliance and regulatory requirements. Businesses can accept and send payments without having to build their own infrastructure through the Rapyd Global Payments Network which supports hundreds of local payment methods including cards, bank transfers, ewallets, and cash.

2020 experienced a massive acceleration in the adoption of local and cross-border digital payments, which has fueled tremendous global growth for Rapyd. As noted in a recent Mckinsey report, one of the primary impacts of COVID-19 has been the acceleration of changes in areas that are typically much more gradual – namely consumer behavior – with five years of change compressed into less than one. The change in purchasing habits has propelled consumers and businesses in both mature and emerging markets online and with that the need to accept and send payments using cards and alternative payment methods en masse.

“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Arik Shtilman, co-founder and CEO of Rapyd. “To kick off 2021 with this substantial round of funding to further invest in our platform is a tremendous vote of confidence both in the growing need for local payment solutions that can be deployed at scale globally, and more specifically in our vision and company.”

“The payment landscape varies dramatically across countries. A company doing business globally might need to accept hundreds of local payment methods. Rapyd’s API, which abstracts away this complexity, is currently powering what we think are many of the world’s most exciting companies,” said Kris Fredrickson, Managing Partner at Coatue. “We are honored to partner with Arik and team for the next phase of the Rapyd journey.”

The new financing will be used to double the engineering and product teams, as well as expand the “Self-Service” element of Rapyd’s platform, empowering businesses globally to onboard and begin utilizing any of Rapyd’s financial capabilities in the shortest possible time frame. The company will continue its focus on core markets that serve B2C and B2B eCommerce payments, marketplace, and financial services businesses. Following the successful acquisition and integration of European card acquirer Korta in early 2020, Rapyd is also exploring additional strategic acquisitions in the Americas, Asia-Pacific and Europe, Middle East and Africa.

About Rapyd

Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd’s unparalleled payments network and Fintech-as-a-Service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak FT, Coatue, Tiger Global, Durable Capital, Target Global, and TaL Capital. To learn more about the company that is accelerating the Fintech-as-a-Service revolution, visit, read our blog, or follow us on LinkedIn and Twitter.