B2B FinTech-as-a-Service (FaaS) unicorn Rapyd has partnered with Visa to help small and medium-sized businesses (SMBs) expand their FinTech and payment services, Rapyd announced on Tuesday (Feb. 18).
Rapyd is also joining Visa’s FinTech Fast Track program “as an enablement partner,” and now issues Visa cards in the U.K. Rapyd aims to expand its issuing and acquiring footprint across other regions.
The FinTech startup’s cloud-based platform helps SMBs incorporate FinTech and payment abilities into any business application. Using a single solution, Rapyd offers a full suite of FinTech services.
The platform can be used by eCommerce merchants, gig economy platforms, financial institutions (FIs) and technology providers that aim to provide a customized experience.
“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,” said Sarel Tal, vice president of Rapyd in Europe, Middle East and Africa (EMEA).
Tal added that Rapyd can “leverage Visa’s offerings” – including Visa Direct, Visa Token Services and Visa’s issuance capabilities – to boost Rapyd’s issuing and acquiring services in “unlocking simple, relevant payment experiences for these businesses globally.”
By way of example, Rapyd’s collaboration with Visa enables the firm to instantly issue a virtual Visa card for use by a gig economy worker in Latin America. Visa and Rapyd are working together in European markets that are ready for cross-border eCommerce expansion.
“Rapyd’s platform helps FinTechs, merchants and marketplaces stand up payment-related services quickly and easily across multiple markets,” said Matt Dill, global head of strategic partnerships and venture for Visa. “We’re excited about our collaboration with Rapyd, and the many benefits we can provide to our mutual partners worldwide.”
Commercial card technology can ease multiple pain points in B2B payments. But as today’s industry players reveal, the commercial card opportunity is often the biggest in areas outside of payments. Card technology can ease friction pre- and post-payment, from promoting employee spend compliance to streamlining supplier reconciliation.