SAN FRANCISCO—Payments infrastructure company Stripe announced today that it is co-leading a $40 million Series B funding round for Rapyd, a global fintech-as-a-service platform that enables local payments and cross-border e-commerce.

General Catalyst led the round with Stripe, with participation from Target Global, IGNIA, and others. Rapyd addresses a growing market opportunity around local and cross-border use cases that require local payment methods, such as bank transfers, e-wallets, and cash for local acceptance and payouts.

For more information, read Rapyd’s press release.