Financing the Rails

At RPY Innovations, we track investments in payments with an eye toward how they reshape acquiring and the infrastructure behind it. The latest deals underscores both scale and specialization across corporate finance and crypto rails.

Ramp surpassing $1 billion in annualized revenue is a milestone not just for corporate cards, but for the broader trend of embedded commercial credit woven into merchant ecosystems. On the crypto side, Kraken’s $500 million raise and ZeroHash’s $104 million round show investor conviction in custody and exchange services that will inevitably intersect with merchant acceptance and settlement. And if Tether succeeds in raising $15–20 billion at a $500 billion valuation, it could accelerate the adoption of stablecoin settlement in acquiring portfolios.

Meanwhile, mid-stage deals highlight the infrastructure acquirers and PayFac’s must watch closely. Aven, Splash, Cardless, and Highbeam are scaling embedded finance rails, while Casap, Bastion, and Shield point to automation in disputes, stablecoin enterprise tools, and global B2B crypto payments. These are not fringe plays.  They are building blocks for future merchant acceptance, risk management, and transaction economics.

As acquiring evolves, these investments reveal where the rails are being reinforced and where new ones are being laid. At RPY Innovations, we’re helping clients anticipate and adapt. To learn how we can help you, contact us at info@rpyin.com.