Rapyd, a fintech-as-a-service platform for cross-border e-commerce and local payments for businesses and consumers, has raised $40 million in Series B funding led by General Catalyst and Stripe, according to a blogpost and press release.

Target Global, Ignia and other payment and fintech investors, participated in the round. Rapyd plans to use the funds to grow its platform for local or cross-border e-commerce payments involving payments through bank transfers, e-wallets and cash.

"As global commerce continues to grow, the market opportunity for online merchants, the gig economy, online lenders and banks looking to provide access to funds instantly, is constrained due to the challenges of accepting and making local payment methods and cash transactions," Arik Shtilman, co-founder and CEO of Rapyd, said in the release.

The company said part of its mission is to bridge the gap between more powerful economies and emerging e-commerce markets where many are unbanked and credit and debit cards are not often used.

TaL capital led the companies seed and Series A funding.