Bose's SoundLink Max Portable Speaker Sees 25% Price Drop for Cyber Monday
Bose's flagship portable Bluetooth speaker, the SoundLink Max, gets a significant price cut to $299 for Cyber Monday, making it a more competitive option in the market.
Starfolk
Rapyd Financial Network, a London-based global payments platform, is reportedly looking to raise $300 million in a new funding round, which would value the company at $3.5 billion. This valuation marks a significant decrease from its 2021 valuation of approximately $9 billion, according to Bloomberg.
Rapyd's platform offers a range of financial services, including payments, mobile wallets, money transfers, card issuing, and fraud protection, all accessible to third parties via an API. The company has been on an acquisition streak, having recently acquired four companies, including Iceland-based payments startup Valitor for $100 million in 2022 and units of the global payments platform PayU for $610 million in 2023.
The funding round is expected to be used to acquire a payment processing startup, further expanding Rapyd's capabilities and reach. However, it's worth noting that Rapyd CEO and co-founder Arik Shtilman had previously stated in 2023 that the company was "in [the] final stages of closing a new financing round of $700 million." It remains unclear whether that funding was secured and, if so, at what valuation.
Rapyd is not alone in facing a down round, as many startups have raised capital at lower valuations than their previous financings. This trend is largely attributed to the excessively high valuations during the VC funding frenzy of 2020 and 2021. According to PitchBook data, flat or down rounds hit a decade high, making up 27% of all deals in the first nine months of 2024.
Rapyd's competitor, the payments giant Stripe, was also forced to raise capital at a lower valuation of $50 billion, down from its peak price of $95 billion. This shift in valuation is a reflection of the changing landscape of the fintech industry, where companies are being forced to reassess their worth in a more cautious investment environment.
Rapyd's backers include Coatue, Oak HC/FT, Target Global, and Tiger Global Management. The company did not immediately respond to a request for comment on the funding round. As the fintech industry continues to evolve, it will be interesting to see how Rapyd adapts to the new landscape and whether it can maintain its position as a leading global payments platform.
The implications of Rapyd's down round are far-reaching, with potential consequences for the broader fintech industry. As valuations continue to adjust, companies will need to re-evaluate their business models and strategies to remain competitive. The fate of Rapyd's funding round will be closely watched, as it may set a precedent for future fintech investments.
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