Rapyd, a London-based financial technology platform, has raised $40 million in Series B financing round.

The round was led by General Catalyst and Stripe, with participation from Target Global, IGNIA and other strategic payments and financial technology companies.

The move will enable Rapyd to expand its technology platform that supports any local or cross-border commerce use case requiring local payments.

Rapyg noted that the deal marks a critical inflection point in its evolution, and at a time when market demand for its financial technology-as-a-service platform approach is accelerating.