Rapyd, a startup whose technology helps businesses embed financial services into their own apps, is raising money in a round that would double its valuation to more than $5 billion, just four months after unveiling its last fundraising, according to two people familiar with the deal.

Existing investors including European venture firm Target Global are leading the funding, which aimed to raise about $250 million, according to an investor memo seen by The Information.

Financial technology startups have raised a record level of capital as investors double down on startups benefiting from the acceleration in online commerce and other activities sparked by the pandemic shutdowns. Startups in other fields, such as blockchain startup Dapper Labs and audio app Clubhouse, have also raised multiple rounds of capital in a short period of time this year.