MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Rapyd, a global Fintech as a Service company, today announced a new partnership with consumer shopping app nate, a consumer payments company with social distribution, powered by intelligent automation. Rapyd will provide the payment stack and global infrastructure supported by their Collect, Disburse and Wallet platforms, enabling nate to develop additional services, deploy their BNPL capabilities and expand internationally. Rapyd seeks to serve customers with the best consumer experiences and is thrilled to partner with one of the faster growing consumer shopping apps to support its global expansion.
"Since nate started working with Rapyd, we quickly realized how aligned we are on our views of the global payments landscape we all want to live in and help build. Consumers deserve a consistent, seamless, and private experience when making purchases. And merchants deserve to focus on what they do best, rather than worry about an increasingly complex and expensive stack. Deepening our partnership was a no-brainer, and a win for the entire industry," says nate CEO, Albert Saniger.
Digital commerce accounted for nearly 24% of all retail sales in the first half of 2021 with consumers continuing to embrace online shopping according to industry research from DigitalCommerce3601. nate removes the friction from the online buying process by leveraging artificial intelligence and machine learning to support an invisible checkout experience. A consumer simply sends a product they wish to purchase, and the app fills out payment and shipping information while the customer stays in the shopping flow. By partnering with Rapyd, nate can grow globally aggressively with consumers in more than 100 countries and will be able to eventually checkout with up to 900 different local payment methods including local debit cards, ewallets, bank transfers and even cash.
“We know that today’s consumers make purchasing decisions based on the convenience of the transaction, so we’re pleased to help nate enhance their ability to serve customers and expand their reach across global markets with digital and social commerce,” says Eric Rosenthal, Rapyd’s VP Americas. “It’s an extraordinary opportunity for consumers to receive product and retailer recommendations and complete their purchase of items from any website with a few clicks.”
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 HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital.
nate is a venture-backed artificial intelligence startup headquartered in New York, introducing the first mobile app that allows users to purchase any item at any online retailer on behalf of a customer. With AI technology that navigates the web the way humans would, nate is the only universal accelerator for mobile checkout. Committed to preserving the human experience of discovery and the path to inspiration, nate is exclusively designed to facilitate purchases once its user has chosen the product they want to buy – humans decide, machines execute. nate’s investors include Coatue, Canaan Partners, Renegade Partners and Forerunner Ventures.