- Fintech Rapyd sued by ex-staffer for $1.1M unpaid commissions.
- CEO claims $934M transactions were “round-tripping”, not viable revenue.
- Negotiations failed, legal battle ongoing.
Prominent fintech unicorn Rapyd faces a legal showdown with a former employee over alleged unpaid commissions totaling a staggering $1.1 million.
Round-tripping ruckus takes center stage
The crux of the dispute centers around Rapyd’s claim that two clients, who contributed $934 million in transactions, engaged in “round-tripping” solely to inflate commission payouts.
CEO Arik Shtilman asserts these transfers didn’t generate viable revenue, rendering them ineligible for commissions.
However, the ex-staffer maintains they were valid transactions facilitated by Rapyd’s products.
Negotiations hit a brick wall, court battle ensues
Attempts to resolve the matter through negotiations hit an impasse. The former salesperson alleges Shtilman verbally agreed to pay full commissions for one deal during a meeting, which the CEO denies.
As the legal battle rages on, the fintech juggernaut finds itself embroiled in a high-stakes commission clash.
To read the original article: https://www.techinasia.com/ex-staff-sues-fintech-unicorn-rapyd-alleges-1-1m-in-unpaid-commissions
